The Central Securities Depositories Regulations 2014

[F1 Procedure in relation to regulation 5B U.K.

5C.— (1) If the Bank proposes to take action against a person under regulation 5B, it must give the person concerned a warning notice.

(2) A warning notice about a proposal to impose a penalty must state the amount of the penalty.

(3) A warning notice about a proposal to publish a statement must set out the terms of the proposed statement.

(4) If, having considered any representations made in response to the warning notice, the Bank decides to take action against a person under regulation 5B, it must without delay give the person concerned a decision notice.

(5) A decision notice about the imposition of a penalty must state the amount of the penalty.

(6) A decision notice about the publication of a statement must set out the terms of the statement.

(7) If the Bank decides to take action against a person under regulation 5B, the person may refer the matter to the Tribunal.

(8) Sections 312J (statement of policy) and 312K (statement of policy: procedure) of the Act apply in respect of the imposition of penalties under regulation 5B and the amount of such penalties as they apply in respect of the imposition of penalties under section 312F of the Act.

(9) After a statement under regulation 5B is published, the Bank must send a copy of it to the person concerned and to any person to whom a copy of the decision notice was given under section 393(4) of the Act (applied by paragraph (10)).

(10) Sections 387(1), (2) and (3) (warning notices), 388 (decision notices), 389 (notices of discontinuance), 390 (final notices), 393 (third party rights) and 394 (access to FCA or PRA material) of the Act apply in relation to a warning notice or decision notice given by the Bank under this regulation as if—

(a) references to the regulator or the regulator concerned were references to the Bank;

(b) the reference in section 388(1)(e)(i) to “this Act” were a reference to these Regulations.

(11) Section 391 of the Act (publication) applies in relation to a warning notice or decision notice under this regulation and in relation to a notice of discontinuance and a final notice under section 389 or 390 of the Act as applied by paragraph (10), but as if—

(a) references to the regulator and the FCA were references to the Bank;

(b) a warning notice under this regulation were treated as falling within subsection (1ZB);

(c) in subsection (8A)—

(i) the reference to the Act were to these Regulations;

(ii) the reference to a requirement included a requirement under regulation 5A.

(12) Part 9 of the Act (hearings and appeals) applies to references to the Tribunal under this regulation as it applies to references to the Tribunal under the Act, as if—

(a) a reference were a “disciplinary reference” for the purposes of section 133 of the Act if it is in respect of a decision to publish a statement or impose a penalty under regulation 5B;

(b) section 133(1)(a) and (c) of the Act did not apply.]

Textual Amendments

F1 Pts. 4-8 and Pt. 9 heading inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 5(9) (with regs. 7(4), 9(1))