Power to impose penalty or issue censure121

1

Section 192K (power to impose penalty or issue censure)173 is amended as follows.

2

In subsection (1)—

a

at the end of paragraph (a) omit “or”,

b

at the end of paragraph (b) insert “or”, and

c

after paragraph (b) insert—

c

a requirement imposed by a qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.

3

After subsection (3) insert—

3A

The regulator may impose, for such period as it considers appropriate, restrictions (including a temporary ban) on the exercise by any member of the management body or senior management of, or other person who works for, a qualifying parent undertaking of any functions in a PRA-authorised person, an investment firm or a qualifying parent undertaking.

3B

The regulator may only impose restrictions under subsection (3A) on a person who was, at any time, knowingly concerned in the contravention.

4

After subsection (6) insert—

7

In this section—

  • “management body” means the board of directors, or if there is no such board, the equivalent body responsible for the management of the undertaking concerned;

  • “member of the senior management” means a person who—

    1. a

      exercises executive functions within a qualifying parent undertaking, and

    2. b

      is responsible, and directly accountable to the management body, for the day to day management of that qualifying parent undertaking.

8

A regulator which imposes a restriction on any person under subsection (3A) may—

a

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

b

cancel the restriction.