Part XVIII

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

Performance of functions of recognised bodies

Disciplinary action by appropriate regulator

Statement of policy about disciplinary action
309Z5
1
The appropriate regulator must prepare and issue a statement of its policy with respect to—
a
the imposition of penalties, suspensions, conditions or limitations under section
309Z2
,
b
the amount of penalties under that section,
c
the period for which suspensions or conditions under that section are to have effect, and
d
the period for which approvals under section
309G
are to have effect as a result of a limitation under section
309Z2
.
2
The appropriate regulator’s policy in determining what the amount of a penalty should be, or what the period for which a suspension or restriction is to have effect should be, must include having regard to—
a
the seriousness of the misconduct in question,
b
the extent to which that misconduct was deliberate or reckless, and
c
whether the person against whom action is to be taken is an individual.
3
The appropriate regulator—
a
may alter or replace a statement issued under this section, and
b
if it does so, must issue the altered or replacement statement.
4
In exercising, or deciding whether to exercise, its power under section
309Z2
in the case of particular misconduct, the appropriate regulator must have regard to any statement of policy published under this section and in force at the time when the misconduct in question occurred.
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