s 55Q Exercise of power in support of overseas regulator
(1) Either UK regulator's own-initiative powers may be exercised in respect of an authorised person at the request of, or for the purpose of assisting, an overseas regulator of a prescribed kind. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) Subsection (1) does not affect any duty of one UK regulator to consult or obtain the consent of the other UK regulator in relation to the exercise of its own-initiative powers. (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) In deciding whether or not to exercise its own-initiative powers in response to a request, the UK regulator may take into account in particular— (a) whether in the country or territory of the overseas regulator concerned, corresponding assistance would be given to a United Kingdom regulatory authority; (b) whether the case concerns the breach of a law, or other requirement, which has no close parallel in the United Kingdom or involves the assertion of a jurisdiction not recognised by the United Kingdom; (c) the seriousness of the case and its importance to persons in the United Kingdom; (d) whether it is otherwise appropriate in the public interest to give the assistance sought. (6) The UK regulator may decide not to exercise its own-initiative powers, in response to a request, unless the overseas regulator concerned undertakes to make such contribution towards the cost of their exercise as the UK regulator considers appropriate. (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8) In subsections (5) and (6) “ request ” means a request of a kind mentioned in subsection (1). (9) In this section— (a) “ UK regulator ” means the FCA or the PRA; (b) “ overseas regulator ” means a regulator outside the United Kingdom; (c) “ own-initiative powers ”, in relation to the FCA or the PRA, means its own-initiative variation power and its own-initiative requirement power.