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Changes over time for: Section 31
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Status:
Point in time view as at 13/07/2018.
Changes to legislation:
Financial Services (Banking Reform) Act 2013, Section 31 is up to date with all changes known to be in force on or before 31 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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31Requirement to notify regulator of disciplinary actionU.K.
This section has no associated Explanatory Notes
After section 64B of FSMA 2000 (inserted by section 30 above) insert—
“64CRequirement for relevant authorised persons to notify regulator of disciplinary action
(1)If—
(a)a relevant authorised person takes disciplinary action in relation to a relevant person, and
(b)the reason, or one of the reasons, for taking that action is a reason specified in rules made by the appropriate regulator for the purposes of this section,
the relevant authorised person must notify that regulator of that fact.
(2)“Disciplinary action”, in relation to a person, means any of the following—
(a)the issuing of a formal written warning;
(b)the suspension or dismissal of the person;
(c)the reduction or recovery of any of the person's remuneration.
(3)“The appropriate regulator” means—
(a)in relation to relevant authorised persons that are PRA-authorised persons, the FCA or the PRA;
(b)in relation to any other relevant authorised persons, the FCA.
(4)“Relevant person” has the same meaning as in section 64B.
(5)For the meaning of “relevant authorised person”, see section 71A.”
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