GENE 5.2.2 Powers of Regulatory Authority in relation to inaccurate or incomplete information

(1) This rule applies if the Regulatory Authority considers that information (however described) given to it by an authorised firm or another person under any law, regulations or rules:
(a) is (or may be) factually inaccurate or, for an estimate or judgment, not fairly or properly based after appropriate inquiries had been made;
(b) is (or may be) incomplete, in that it does not (or may not) include something that the authority would reasonably expect to be told about;
(c) is (or may be) false or misleading;
(d) omitted (or may have omitted) something without which the information is (or may be) false or misleading;
(e) is otherwise (or may otherwise be) inaccurate or incomplete; or
(f) is no longer (or may no longer be) accurate and complete for any reason.
(2) The Regulatory Authority may, by written notice given to the authorised firm or other person, require the person to do all or any of the following within the period stated in the notice:
(a) give the authority an explanation or further information;
(b) provide the correct and complete, or correct and complete upto- date, information;
(c) if the information is included in an application, report, return or other document (however described) all or any of the following:
(i) amend the document;
(ii) withdraw the document;
(iii) give the authority a replacement document;
(d) do anything else in relation to the information, or a document that includes the information, that the authority considers necessary or desirable for the exercise of its functions;
(e) comply with the authority's directions in doing anything mentioned in paragraphs (a) to (d).
(3) The authorised firm or other person must comply with a requirement under subrule (2).
(4) To remove any doubt, the Regulatory Authority may give the authorised firm or other person 2 or more notices under subrule (2).
(5) The power given by this rule is additional to the Regulatory Authority's other powers.

Note See for example FSR, article 48 (Power to obtain documents and information).
(6) This rule does not limit any other action that the Regulatory Authority may take against the authorised firm or other person (or anyone else) in relation to the giving of the information to the authority.

Note See for example FSR, Part 9 (Disciplinary and enforcement powers).
Editorial changes (as from 1st January 2016).