The Central Securities Depositories Regulations 2014

Procedure in relation to regulation 4

5.—(1) If the FCA proposes to take action against a person under regulation 4, it must give the person concerned a warning notice.

(2) A warning notice about a proposal to impose a penalty must state the amount of the penalty.

(3) A warning notice about a proposal to publish a statement must set out the terms of the proposed statement.

(4) If, having considered any representations made in response to the warning notice, the FCA decides to take action against a person under regulation 4, it must without delay give the person concerned a decision notice.

(5) A decision notice about the imposition of a penalty must state the amount of the penalty.

(6) A decision notice about the publication of a statement must set out the terms of the statement.

(7) If the FCA decides to take action against a person under regulation 4, the person may refer the matter to the Tribunal(1).

(8) Sections 210(2) (statements of policy) and 211(3) (statements of policy: procedure) of the Act apply in respect of the imposition of penalties under regulation 4 and the amount of such penalties as they apply in respect of the imposition of penalties under Part 14 of the Act (disciplinary measures) and the amount of penalties under that Part.

(9) After a statement under regulation 4 is published, the FCA must send a copy of it to the person concerned and to any person to whom a copy of the decision notice was given under section 393(4)(4) of the Act (as applied by paragraph (10)).

(10) Sections 387(1), (2) and (3)(5) (warning notices), 388(6) (decision notices), 389(7) (notices of discontinuance), 390(8) (final notices), 393(9) (third party rights) and 394(10) (access to FCA or PRA material) of the Act apply in relation to a warning notice or decision notice under this regulation.

(11) Section 391 of the Act(11) (publication) applies in relation to a warning notice, decision notice or final notice under this regulation subject to Article 62 of the CSD regulation.

(12) Part 9 of the Act (hearings and appeals) applies to references to the Tribunal under this regulation as it applies to references to the Tribunal under the Act as if a decision to publish a statement or impose a penalty under regulation 4 was a “disciplinary reference” for the purposes of section 133 of the Act(12).

(1)

Defined in section 417(1) of the Act.

(2)

Section 210 was amended by paragraph 20 of Schedule 2 to the Financial Services Act 2010 (c.28) and paragraph 17 of Schedule 9 to the Financial Services Act 2012.

(3)

Section 211 was amended by paragraph 18 of Schedule 9 to the Financial Services Act 2012.

(4)

Section 393(4) was amended by paragraph 32 of Schedule 9 to the Financial Services Act 2012.

(5)

Section 387(1), (2) and (3) was amended by paragraph 26 of Schedule 9 to the Financial Services Act 2012.

(6)

Section 388 was amended by paragraph 27 of Schedule 9 to the Financial Services Act 2012 and paragraph 13 of Schedule 3 to the Financial Services (Banking Reform) Act 2013.

(7)

Section 389 was amended by paragraph 28 of Schedule 9 to the Financial Services Act 2012.

(8)

Section 390 was amended by paragraph 29 of Schedule 9 to the Financial Services Act 2012 and S.I. 2010/22.

(9)

Section 393 was amended by paragraph 32 of Schedule 9 to the Financial Services Act 2012.

(10)

Section 394 was amended by paragraph 11 of Schedule 4 to the Regulation of Investigatory Powers Act 2000 (c.23) and paragraph 33 of Schedule 9 to the Financial Services Act 2012.

(11)

Section 391 was amended by sections 13 and 24 of the Financial Services Act 2010, section 24 of and paragraph 30 of Schedule 9 to the Financial Services Act 2012, section 4 of the Financial Services (Banking Reform) Act 2013 and S.I. 2012/916, 2013/1388 and 2013/3115.

(12)

Section 133 was substituted by S.I. 2010/22, and amended by section 23 of the Financial Services Act 2012, section 4 of the Financial Services (Banking Reform) Act 2013, paragraph 83 of Schedule 9 to the Crime and Courts Act 2013 (c.22), and S.I. 2013/1388.