206ASuspending permission to carry on regulated activities etc

1

If the Authority considers that an authorised person has contravened a relevant requirement imposed on the person, it may—

a

suspend, for such period as it considers appropriate, any permission which the person has to carry on a regulated activity; or

b

impose, for such period as it considers appropriate, such limitations or other restrictions in relation to the carrying on of a regulated activity by the person as it considers appropriate.

2

In subsection (1)—

• “permission” means any permission that the authorised person has, whether given (or treated as given) by the Authority or conferred by any provision of this Act;

• “relevant requirement” means a requirement imposed—

  1. a

     by or under this Act; or

  2. b

     by any directly applicable Community regulation made under the markets in financial instruments directive.

3

The period for which a suspension or restriction is to have effect may not exceed 12 months.

4

A suspension may relate only to the carrying on of an activity in specified circumstances.

5

A restriction may, in particular, be imposed so as to require the person concerned to take, or refrain from taking, specified action.

6

The Authority may—

a

withdraw a suspension or restriction; or

b

vary a suspension or restriction so as to reduce the period for which it has effect or otherwise to limit its effect.

7

The power under this section may (but need not) be exercised so as to have effect in relation to all the regulated activities that the person concerned carries on.

8

Any one or more of the powers under—

a

subsection (1)(a) and (b) of this section, and

b

sections 205 and 206,

may be exercised in relation to the same contravention.