FINMAR 1.4 Imposing a financial stability information requirement without prior notice

If the FSA proposes to impose a financial stability information requirement and is satisfied that it is necessary for the information or documents covered by a financial stability information requirement to be provided or produced without delay, the FSA may impose the financial stability information requirement on a person without taking the steps described in FINMAR 1.3 (see section 165B (4) of the Act).

The FSA will determine whether to impose a financial stability information requirement without prior notice based on the facts of each case and after taking into account the information before it concerning:

1. (1)

   the nature of the risk to financial stability and whether the risk appears to be increasing rapidly;

2. (2)

   the extent of the risk to financial stability;

3. (3)

   whether it is fair to impose the requirement without notice; and

4. (4)

   whether the information sought may lead to prompt action by the FSA.

A person who receives a financial stability information requirement without prior notice should consider whether to contact the FSA concerning the requirement. The person should raise any proposal to make representations with the FSA at the earliest opportunity.