PART 9C

Prudential regulation of FCA investment firms

Disciplinary measures for non-authorised parent undertakings

Procedure for disciplinary measures
143X
1
If the FCA proposes to take action against a person under section 143W(2), (3) or (5) it must give the person 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 statement.
4
A warning notice about a proposal to impose a restriction under section 143W(5) must state—
a
the terms of the restriction, and
b
the period for which the restriction is to have effect.
5
If the FCA decides to take action against a person under section 143W(2), (3) or (5) it must give the person a decision notice.
6
A decision notice about the imposition of a penalty must state the amount of the penalty.
7
A decision notice about the publication of a statement must state the terms of the statement.
8
After the statement is published, the FCA must send a copy of the statement to—
a
the person in respect of whom it is made, and
b
any person to whom a copy of the decision notice was given under section 393(4).
9
A decision notice about the imposition of a restriction under section 143W(5) must state—
a
the terms of the restriction, and
b
the period for which the restriction is to have effect.
10
If the FCA decides to take action against a person under section 143W(2), (3) or (5), the person may refer the matter to the Tribunal.
11
If the FCA decides to vary or cancel a restriction under section 143W(6), it must give written notice of its decision to the applicant.
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)