Part XVIII

Recognised investment exchanges, clearing houses , CSDs and other parties
CHAPTER 3B

Disciplinary measures in respect of recognised bodies

Central securities depositories: further disciplinary measures
312FA
1
If the Bank of England considers that a contravention by a recognised CSD of a relevant requirement occurred with the consent or connivance of, or was attributable to any neglect on the part of, a member of the management body or other person who effectively controls the business of the recognised CSD, the Bank of England may do one or both of the following—
a
publish a statement to that effect;
b
impose on that person a penalty, in respect of the contravention, of such amount as it considers appropriate.
2
If the Bank of England considers that a member of the management body or other person who effectively controls the business of a recognised CSD is responsible for a contravention by the central securities depository of a relevant requirement, it may do one or more of the following—
a
publish a statement to that effect;
b
impose on that person a penalty, in respect of the contravention, of such amount as it considers appropriate;
c
prohibit that person from holding an office or position involving responsibility for taking decisions about the management of the recognised CSD.
3
A prohibition under subsection (2)(c) may apply—
a
for a specified period,
b
until further notice, or
c
for repeated serious contraventions, permanently.
4
The Bank of England may, on the application of the person subject to a prohibition under subsection (2)(c), vary or revoke the prohibition.
5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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))
Pt. 18 Ch. 3B inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 33, 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.
S. 312FA inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(29) (with regs. 7(4), 9(1))
Words in Pt. 18 Ch. 3B heading inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 9
S. 312FA(5) omitted (31.12.2020) by virtue of The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), regs. 1(3), 8(4) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(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)
S. 312FA omitted (29.6.2023 for specified purposes) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 10
Pt. 18 Ch. 3B applied (with modifications) (5.4.2024) by The Data Reporting Services Regulations 2024 (S.I. 2024/107), regs. 1(2), 19; S.I. 2023/1382, reg. 4(c)