Part XVIIIRecognised investment exchanges, clearing houses , CSDs and other parties
F1CHAPTER 2APerformance of functions of recognised bodies
Certification of employees
309ZIssuing certificates
(1)
A relevant recognised body may issue a certificate to a person under this section in relation to a function only if the body is satisfied that the person is a fit and proper person to perform the function.
(2)
In deciding that question the body must have regard, among other things, to whether the person—
(a)
has obtained a specified qualification,
(b)
has undergone, or is undergoing, specified training,
(c)
possesses a specified level of competence, or
(d)
has specified personal characteristics.
(3)
In subsection (2), “specified” means specified in rules made by the appropriate regulator.
(4)
A certificate issued by a relevant recognised body to a person under this section must—
(a)
state that the body is satisfied that the person is a fit and proper person to perform the function to which the certificate relates, and
(b)
set out the aspects of the body’s affairs in which the person will be involved in performing the function.
(5)
A certificate issued under this section is valid for a period of 12 months beginning with the day on which it is issued.
(6)
If, after having considered whether a person is a fit and proper person to perform a function, a relevant recognised body decides not to issue a certificate to the person under this section, the body must give the person a notice in writing stating—
(a)
what steps (if any) the body proposes to take in relation to the person as a result of the decision, and
(b)
the reasons for proposing to take those steps.
(7)
A relevant recognised body must maintain a record of every employee who has a valid certificate issued by it under this section.