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9(1)A person meets this condition if a regulatory authority imposes a relevant sanction on the person.U.K.
(2)A “relevant sanction” is a sanction which is—
(a)imposed in relation to misconduct other than misconduct in matters (such as the payment of fees) that relate solely or mainly to the person's relationship with the regulatory authority, and
(b)prescribed.
(3)The following are regulatory authorities for the purposes of this paragraph—
(a)the Financial Conduct Authority;
(b)the Financial Services Authority;
(c)any other authority that may be prescribed.
(4)Only authorities that have functions relating to the regulation of financial institutions may be prescribed under sub-paragraph (3)(c).