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—
- a
exercises executive functions within a qualifying parent undertaking, and
- 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.