PART 9C

Prudential regulation of FCA investment firms

Control of managers etc of non-authorised parent undertakings

Part 9C prohibition orders
143S
1
Subsection (2) applies where it appears to the FCA that an individual—
a
is not of sufficiently good repute, or
b
does not possess sufficient knowledge, skills and experience,
to perform a function in relation to an activity carried on by a non-authorised parent undertaking of an FCA investment firm.
2
The FCA may make an order (“a Part 9C prohibition order”) prohibiting the individual from performing the function.
3
A Part 9C prohibition order may relate to—
a
all functions in relation to an activity carried on by a non-authorised parent undertaking of an FCA investment firm, or
b
a function specified in the order or of a description specified in the order.
4
A Part 9C prohibition order may relate to—
a
all activities of a non-authorised parent undertaking of an FCA investment firm, or
b
an activity specified in the order or of a description specified in the order.
5
A Part 9C prohibition order may relate to—
a
all non-authorised parent undertakings of FCA investment firms, or
b
an undertaking specified, or within a description specified, in the order.
6
A non-authorised parent undertaking of an FCA investment firm must take reasonable care to ensure that none of its functions is performed by a person who is prohibited from performing that function by a Part 9C prohibition order.
Pt. 9C inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 1; S.I. 2021/671, reg. 4(b)