C1C2Part I Regulation of Investment Business
Pt. I (ss. 1–128): power to modify conferred (prosp.) by Courts and Legal Services Act 1990 (c. 41, SIF 76:1), ss. 89, 124(3), Sch. 14 para. 9(c)
C3Chapter V Conduct of Investment Business
Chapters III–XI (ss. 7–111): certain functions transferred by S.I. 1990/354, art. 5
C459 Employment of prohibited persons.
1
If it appears to the Secretary of State that any individual is not a fit and proper person to be employed in connection with investment business or investment business of a particular kind he may direct that he shall not, without the written consent of the Secretary of State, be employed in connection with investment business or, as the case may be, investment business of that kind—
a
by authorised persons or exempted persons; or
b
by any specified person or persons, or by persons of any specified description, falling within paragraph (a) above.
2
A direction under this section (“a disqualification direction") shall specify the date on which it is to take effect and a copy of it shall be served on the person to whom it relates.
3
Any consent by the Secretary of State to the employment of a person who is the subject of a disqualification direction may relate to employment generally or to employment of a particular kind, may be given subject to conditions and restrictions and may be varied by him from time to time.
4
Where the Secretary of State proposes—
a
to give a disqualification direction in respect of any person; or
b
to refuse an application for his consent under this section or for the variation of such consent,
he shall give that person or the applicant written notice of his intention to do so, stating the reasons for which he proposes to act and giving particulars of the right to require the case to be referred to the Tribunal under Chapter IX of this Part of this Act.
5
Any person who accepts or continues in any employment in contravention of a disqualification direction shall be guilty of an offence and liable on summary conviction to a fine not exceeding the fifth level on the standard scale.
6
It shall be the duty of an authorised person and an appointed representative to take reasonable care not to employ or continue to employ a person in contravention of a disqualification direction.
7
The Secretary of State may revoke a disqualification direction.
8
In this section references to employment include references to employment otherwise than under a contract of service.
Pt. I (ss. 1-128) amended (S.) (22.5.2000) by S.I. 2000/121, regs. 1, 37, Sch. 2