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Part XXVIIIU.K. Miscellaneous

[F1ConsultationU.K.

Textual Amendments

F1S. 415B and cross-heading inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 41 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

415BConsultation in relation to taking certain enforcement actionU.K.

(1)The FCA must consult the PRA before taking a qualifying step in relation to a person who—

(a)is a PRA-authorised person, or

(b)has a qualifying relationship with a PRA-authorised person.

(2)The PRA must consult the FCA before taking a qualifying step.

(3)In this section any reference to the taking of a qualifying step is a reference to—

(a)the giving of a warning notice or decision notice under section 63B (performance of controlled functions without approval),

(b)the giving of a warning notice or decision notice under section 67 (disciplinary powers in relation to approved person),

(c)the giving of a warning notice under section 126 or a decision notice under section 127 (market abuse),

(d)the giving of a warning notice or decision notice under section 131H (short selling),

(e)the giving of a warning notice under section 207 or a decision notice under section 208 (breaches of requirements imposed by or under Act etc.),

(f)the giving of a warning notice under section 312G or a decision notice under section 312H (recognised bodies),

(g)the making of an application to the court under section 380, 381, 382 or 383 (injunctions or restitution), or

(h)the giving of a warning notice under section 385 or a decision notice under section 386 (power of FCA or PRA to require restitution).

(4)A person has a qualifying relationship with a PRA-authorised person (“A”) for the purposes of this section if—

(a)the person is a member of A's immediate group, or

(b)in the case of a qualifying step within subsection (3)(a) or (b), the person performs a significant-influence function under an arrangement entered into by A, or by a contractor of A, in relation to the carrying on by A of a regulated activity.

Significant-influence function” and “arrangement” have the same meanings as in section 59.]