Part XVIII

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

Performance of functions of recognised bodies

Certification of employees

Issuing certificates
309Z
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.
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