Part XVIII

Recognised investment exchanges, clearing houses , CSDs and other parties
CHAPTER 2A

Performance of functions of recognised bodies

Prohibition

Part 18 prohibition orders
309B
1
This section applies if it appears to the appropriate regulator that an individual is not a fit and proper person to perform functions in relation to an activity carried on by a relevant recognised body.
2
The appropriate regulator may make an order (a “Part 18 prohibition order”) prohibiting the individual from performing a specified function, any function falling within a specified description or any function.
3
A Part 18 prohibition order may relate to—
a
a specified activity, any activity falling within a specified description or all activities (but see subsection
(5)
);
b
all persons falling within subsection
(4)
, or a particular paragraph of that subsection, or all persons within a specified class of person falling within a particular paragraph of that subsection.
4
A person falls within this subsection if the person is—
a
a relevant recognised body (whether or not the appropriate regulator making the order is the appropriate regulator in relation to relevant recognised bodies of that type),
b
an authorised person,
c
an exempt person (other than a relevant recognised body), or
d
a person to whom, as a result of Part 20, the general prohibition does not apply in relation to a regulated activity.
5
If a Part 18 prohibition order makes provision in relation to a person or persons falling within subsection
(4)
(b)
,
(c)
or
(d)
, subsection
(3)(a)
applies in relation to such provision as if references to an activity or activities were to a regulated activity or regulated activities.
6
In this section, “
specified
” means specified in the Part 18 prohibition order.
Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))
Pt. 18 heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(8) (with regs. 7(4), 9(1))
Words in Pt. 18 heading substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 18(2), 86(3); S.I. 2023/779, reg. 4(m)
Pt. 18 Ch. 2A inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 1