REC 2.13 Promotion and maintenance of standards
Schedule to the Recognition Requirements Regulations, Paragraph 6
2(1) The [UK RIE] must be able and willing to promote and maintain high standards of integrity and fair dealing in the carrying on of regulated activities by persons in the course of using the facilities provided by the [UK RIE]. |
(2) The [UK RIE] must be able and willing to cooperate by the sharing of information or otherwise, with the [FSA],with any other authority, body or person having responsibility in the United Kingdom for the supervision or regulation of any regulated activity or other financial service, or with an overseas regulator within the meaning of section 195 of the Act. |
Schedule to the Recognition Requirements Regulations, Paragraph 20
2(1) The [UK RCH] must be able and willing to promote and maintain high standards of integrity and fair dealing in the carrying on ofregulated activities bypersons in the course of using thefacilities provided by the [UK RCH]. |
(2) The [UK RCH ] must be able and willing to cooperate, by the sharing of information or otherwise, with the [ FSA ], with any other authority, body or person having responsibility in the United Kingdom for the supervision or regulation of any regulated activity or other financial service, or with an overseas regulator within the meaning of section 195 of theAct. |
In determining whether a UK recognised body is able and willing to promote and maintain high standards of integrity and fair dealing in the carrying on of regulated activities, the FSA may have regard to the extent to which the UK recognised body seeks to promote and encourage, through its rules, practices and procedures, conduct in regulated activities which is consistent with the Code of Market Conduct (see MAR 1) and with any other codes of conduct, rules or principles relating to behaviour in regulated activities which users of the financial system in the United Kingdom would normally expect to apply to the regulated activity and the conduct in question.
In assessing the ability of a UK recognised body to cooperate with the FSA and other appropriate bodies, the FSA may have regard to the extent to which the constitution and rules of the UK recognised body and its agreements with its members enable it to obtain information from members and to disclose otherwise confidential information to the FSA and other appropriate bodies.
In assessing the willingness of a UK recognised body to cooperate with the FSA and other appropriate bodies, the FSA may have regard to:
- (1)
the extent to which the UK recognised body is willing to provide information about it and its activities to assist the FSA in the exercise of its functions;
- (2)
the extent to which the UK recognised body is open with the FSA or other appropriate bodies in regulatory matters;
- (3)
how diligently the UK recognised body investigates or pursues enquiries from the FSA or other appropriate bodies; and
- (4)
whether the UK recognised body participates in appropriate international fora.
For the purpose of this section, 'information' includes information held about large positions held by members of a UK recognised body.