C1Part VI Official Listing

Annotations:
Modifications etc. (not altering text)
C1

Pt. 6 (ss. 72-103) applied (with modifications) (1.12.2001) by S.I. 1995/1537, Sch. 4 (as amended (1.12.2001) by S.I. 2001/3649, arts. 1, 511)

Sponsors

88AF1Disciplinary powers: contravention of s.88(3)(c) or (e)

1

The FCA may take action against a sponsor under this section if it considers that the sponsor has contravened a requirement or restriction imposed on the sponsor by rules made as a result of section 88(3)(c) or (e).

2

If the FCA is entitled to take action under this section against a sponsor, it may do one or more of the following—

a

impose a penalty on the sponsor of such amount as it considers appropriate;

b

suspend, for such period as it considers appropriate, the sponsor's approval;

c

impose, for such period as it considers appropriate, such limitations or other restrictions in relation to the performance of services to which the sponsor's approval relates as it considers appropriate;

d

publish a statement to the effect that the sponsor has contravened a requirement or restriction imposed on the sponsor by rules made as a result of section 88(3)(c) or (e).

3

The period for which a suspension or restriction is to have effect may not exceed 12 months.

4

A suspension may relate only to the performance in specified circumstances of a service to which the approval relates.

5

A restriction may, in particular, be imposed so as to require the sponsor to take, or refrain from taking, specified action.

6

The FCA may—

a

withdraw a suspension or restriction; or

b

vary a suspension or restriction so as to reduce the period for which it has effect or otherwise to limit its effect.

7

The FCA may not take action against a sponsor under this section after the end of the limitation period unless, before the end of that period, it has given a warning notice to the sponsor under section 88B(1).

8

“The limitation period” means the period of 3 years beginning with the first day on which the FCA knew that the sponsor had contravened the requirement or restriction.

9

For this purpose the FCA is to be treated as knowing that a sponsor has contravened a requirement or restriction if it has information from which that can reasonably be inferred.