The Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017
| Jurisdiction | UK Non-devolved |
| Citation | SI 2017/1301 |
(1) These Regulations may be cited as the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017 and come into force on 18th January 2018.(2) Regulation 28 extends to Scotland only.In these Regulations—
when discharging the FCA's functions under these Regulations; and in drafting any guidance in relation to self-regulatory organisations that the FCA may issue under section 139A of FSMA
(1) This Part applies where a person (“the applicant”) wishes to be added to the list of self-regulatory organisations in Schedule 1 to the MLR.(2) The applicant must make an application to the FCA in such manner as the FCA may specify, setting out how the applicant proposes to meet the supervision requirements and providing such other information as the FCA may specify as part of the application.(3) At any time after receiving an application and before making a recommendation to the Treasury concerning the application, the FCA may require the applicant to provide such further information as the FCA reasonably considers necessary to enable it to make the recommendation.(4) Any information to be provided to the FCA under this regulation must be in such form and verified in such manner as the FCA may reasonably specify.(1) Before the end of the period of 6 months beginning with the date on which the FCA receives the completed application, the FCA must make a recommendation to the Treasury as to whether the applicant should be added to Schedule 1 to the MLR.(2) The FCA may consider an incomplete application if, in the FCA's opinion, it is appropriate to do so, but must in any event make a recommendation to the Treasury concerning such an application within 12 months beginning with the date on which it receives the incomplete application.(3) The Treasury must take the FCA's recommendation into account when deciding whether to make regulations which add the applicant to Schedule 1 to the MLR.In this Part— provide specified information, or information of a specified description;produce specified documents, or documents of a specified description; orattend before an officer of the FCA at a time and place specified in the notice and answer questions.before the end of such reasonable period as may be specified; andat such place as may be specified.provide the officer with specified information or information of a specified description; orproduce to the officer specified documents or documents of a specified description.(4) The powers in this regulation may only be exercised in relation to information or documents which are reasonably required by the FCA in connection with the exercise by the FCA of any of its functions under these Regulations.(5) Where the FCA or an officer of the FCA requires information to be provided or documents to be produced under paragraph (1) or (3) , the FCA or the officer must give the reasons why the information is required to be provided or the documents produced, unless the disclosure of those reasons would be likely to prejudice any criminal investigation or criminal proceedings.information contained in a computer or other storage device, or recorded in any other way otherwise than in legible form to be produced to it in legible form or in a form from which the information can readily be produced in visible and legible form, andany information provided under this regulation to be provided in such form as the officer may reasonably require.(7) The production of a document does not affect any lien which a person has on the document.(1) The FCA may retain any material which was provided under regulation 7 for so long as it is necessary to retain it (rather than copies of
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