C4C6C7 Part V Performance of Regulated Activities

Annotations:
Modifications etc. (not altering text)
C4

Pt. 5 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))

Prohibition orders

C1I1C2C557 Prohibition orders: procedure and right to refer to Tribunal.

C31

If F2a regulator proposes to make a prohibition order it must give the individual concerned a warning notice.

2

The warning notice must set out the terms of the prohibition.

3

If F3a regulator decides to make a prohibition order it must give the individual concerned a decision notice.

4

The decision notice must—

a

name the individual to whom the prohibition order applies;

b

set out the terms of the order; and

c

be given to the individual named in the order.

5

A person against whom a decision to make a prohibition order is made may refer the matter to the Tribunal.

F16

If—

a

the FCA proposes to make a prohibition order, and

b

as a result of the proposed order, an individual will be prohibited from performing a function of interest to the PRA,

the FCA must consult the PRA before giving a warning notice under this section.

7

A function is of interest to the PRA if it is performed in relation to a regulated activity carried on by—

a

a PRA-authorised person, or

b

a person who is an exempt person in relation to a PRA-regulated activity carried on by the person.

8

The PRA must consult the FCA before giving a warning notice under this section.

F49

If—

a

the FCA proposes to make a prohibition order which makes provision in relation to a recognised body, and

b

the FCA is not the appropriate regulator in relation to recognised bodies of that type,

the FCA must consult the appropriate regulator before giving a warning notice under this section.

10

If the PRA proposes to make a prohibition order which makes provision in relation to a recognised body, the PRA must consult the appropriate regulator in relation to recognised bodies of that type before giving a warning notice under this section.

11

In this section—

  • “the appropriate regulator”, in relation to a recognised body, has the meaning given by section 285A;

  • “recognised body” has the meaning given by section 313;