- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
121.—(1) Section 192K (power to impose penalty or issue censure)(1) is amended as follows.
(2) In subsection (1)—
(a)at the end of paragraph (a) omit “or”,
(b)at the end of paragraph (b) insert “or”, and
(c)after paragraph (b) insert—
“(c)a requirement imposed by a qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.”.
(3) After subsection (3) insert—
“(3A) The regulator may impose, for such period as it considers appropriate, restrictions (including a temporary ban) on the exercise by any member of the management body or senior management of, or other person who works for, a qualifying parent undertaking of any functions in a PRA-authorised person, an investment firm or a qualifying parent undertaking.
(3B) The regulator may only impose restrictions under subsection (3A) on a person who was, at any time, knowingly concerned in the contravention.”.
(4) After subsection (6) insert—
“(7) In this section—
“management body” means the board of directors, or if there is no such board, the equivalent body responsible for the management of the undertaking concerned;
“member of the senior management” means a person who—
exercises executive functions within a qualifying parent undertaking, and
is responsible, and directly accountable to the management body, for the day to day management of that qualifying parent undertaking.
(8) A regulator which imposes a restriction on any person under subsection (3A) may—
(a)vary the restriction so as to reduce the period for which it has effect or otherwise to limit its effect, or
(b)cancel the restriction.”.
Section 192K was inserted (with sections 192A to 192N) by section 27 of the Financial Services Act 2012 (c.21).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: