SCHEDULES
SCHEDULE 9

Discipline and enforcement
PART 8

Co-operation
41
After section 415A insert—

Consultation

Consultation in relation to taking certain enforcement action
415B
1
The FCA must consult the PRA before taking a qualifying step in relation to a person who—
a
is a PRA-authorised person, or
b
has a qualifying relationship with a PRA-authorised person.
2
The PRA must consult the FCA before taking a qualifying step.
3
In this section any reference to the taking of a qualifying step is a reference to—
a
the giving of a warning notice or decision notice under section 63B (performance of controlled functions without approval),
b
the giving of a warning notice or decision notice under section 67 (disciplinary powers in relation to approved person),
c
the giving of a warning notice under section 126 or a decision notice under section 127 (market abuse),
d
the giving of a warning notice or decision notice under section 131H (short selling),
e
the giving of a warning notice under section 207 or a decision notice under section 208 (breaches of requirements imposed by or under Act etc.),
f
the giving of a warning notice under section 312G or a decision notice under section 312H (recognised bodies),
g
the making of an application to the court under section 380, 381, 382 or 383 (injunctions or restitution), or
h
the giving of a warning notice under section 385 or a decision notice under section 386 (power of FCA or PRA to require restitution).
4
A person has a qualifying relationship with a PRA-authorised person (“A”) for the purposes of this section if—
a
the person is a member of A's immediate group, or
b
in the case of a qualifying step within subsection (3)(a) or (b), the person performs a significant-influence function under an arrangement entered into by A, or by a contractor of A, in relation to the carrying on by A of a regulated activity.
“Significant-influence function” and “arrangement” have the same meanings as in section 59.
Sch. 9 para. 41 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.