
1 
These Regulations may be cited as the The Financial Services and Markets Act 2000 Own-initiative Power) (Overseas Regulators) Regulations 2001 and come into force on the day on which section 19 of the Act comes into force.
2 

(1) The kind of regulator to which paragraph (2) applies is prescribed for the purposes of section 47(1)(b) of the Act.
(2) This paragraph applies to a regulator who exercises—
(a) a function corresponding to any function of the Authority under the Act;
(b) a function corresponding to any function exercised by the competent authority under Part VI of the Act (official listing);
(c) a function corresponding to any function exercised by the Secretary of State under the Companies Act 1985; or
(d) a function in connection with—
(i) the investigation of conduct of the kind prohibited by Part V of the Criminal Justice Act 1993 (insider dealing); or
(ii) the enforcement of rules (whether or not having the force of law) relating to such conduct.
3 

(1) The kinds of regulator to which paragraph (2) applies are prescribed for the purposes of section 47(3)(b) of the Act.
(2) This paragraph applies to—
(a) any host state regulator (within the meaning of Schedule 3 to the Act); and
(b) the supervisory authority in Switzerland (within the meaning of the Agreement between the European Economic Community and the Swiss Confederation on direct insurance other than life assurance, signed at Luxembourg on 10th October 1989 (“the Agreement”)).
(3) The following kinds of provisions are prescribed for the purposes of section 47(3)(c) of the Act—
(a) in the case of a regulator to whom paragraph (2)(a) applies—
(i) any provision of Community legislation; and
(ii) any rule of law in force in an EEA State for purposes connected with the implementation of any such provision;
(b) in the case of a regulator to whom paragraph (2)(b) applies—
(i) any provision of the Agreement; and
(ii) any rule of law in force in Switzerland for purposes connected with the implementation of any such provision.
Tony McNulty
Graham Stringer
Two of the Lords Commissioners of Her Majesty’s Treasury
19th July 2001