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Point in time view as at 29/06/2023.
Financial Services and Markets Act 2000, Cross Heading: Prohibition orders is up to date with all changes known to be in force on or before 18 August 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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[F1(1)The FCA may make a prohibition order if it appears to it that an individual is not a fit and proper person to perform functions in relation to a regulated activity carried on by—
(a)an authorised person,
(b)a person who is an exempt person in relation to that activity, or
(c)a person to whom, as a result of Part 20, the general prohibition does not apply in relation to that activity.
(1A)The PRA may make a prohibition order if it appears to it that an individual is not a fit and proper person to perform functions in relation to a regulated activity carried on by—
(a)a PRA-authorised person, or
(b)a person who is an exempt person in relation to a PRA-regulated activity carried on by the person.]
(2)[F2A “prohibition order” is an order] prohibiting the individual from performing a specified function, any function falling within a specified description or any function.
(3)A prohibition order may relate to—
(a)a specified regulated activity, any regulated activity falling within a specified description or all regulated activities;
[F3(b)all persons falling within subsection (3A) or a particular paragraph of that subsection or all persons within a specified class of person falling within a particular paragraph of that subsection.]
[F4(3A)A person falls within this subsection if the person is—
(a)an authorised person,
(b)an exempt person, or
(c)a person to whom, as a result of Part 20, the general prohibition does not apply in relation to a regulated activity.]
(4)An individual who performs or agrees to perform a function in breach of a prohibition order is guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale.
(5)In proceedings for an offence under subsection (4) it is a defence for the accused to show that he took all reasonable precautions and exercised all due diligence to avoid committing the offence.
(6)[F5A person falling within subsection (3A)] must take reasonable care to ensure that no function of his, in relation to the carrying on of a regulated activity, is performed by a person who is prohibited from performing that function by a prohibition order.
(7)[F6The regulator that has made a prohibition order] may, on the application of the individual named in [F7the order], vary or revoke it.
[F8(7A)If—
(a)the FCA proposes to vary or revoke a prohibition order, and
(b)as a result of the proposed variation or revocation, an individual—
(i)will no longer be prohibited from performing a function of interest to the PRA, or
(ii)will be prohibited from performing such a function,
the FCA must consult the PRA before varying or revoking the order.
(7B)A function is of interest to the PRA if it is performed in relation to a regulated activity carried on by—
(a)a PRA-authorised person, or
(b)a person who is an exempt person in relation to a PRA-regulated activity carried on by the person.
(7C)The PRA must consult the FCA before varying or revoking a prohibition order.]
[F9(7D)If—
(a)the FCA proposes to vary or revoke a prohibition order which makes provision in relation to a recognised body, and
(b)the FCA is not the appropriate regulator in relation to recognised bodies of that type,
the FCA must consult the appropriate regulator.
(7E)If the PRA proposes to vary or revoke a prohibition order which makes provision in relation to a recognised body, the PRA must consult the appropriate regulator in relation to recognised bodies of that type.]
F10(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F11(9)“Specified” means specified in the prohibition order.]
[F11(9)In this section—
“the appropriate regulator”, in relation to a recognised body, has the meaning given by section 285A;
“recognised body” has the meaning given by section 313;
“specified” means specified in the prohibition order.]
Textual Amendments
F1S. 56(1)(1A) substituted for s. 56(1) (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 13(2), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 56(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 13(3), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3S. 56(3)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 13(4), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4S. 56(3A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 13(5), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5Words in s. 56(6) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 13(6), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6Words in s. 56(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 13(7)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7Words in s. 56(7) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 13(7)(b), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8S. 56(7A)-(7C) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 13(8), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F9S. 56(7D)(7E) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 3(2)
F10S. 56(8) omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), ss. 13(9), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F11S. 56(9) substituted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 3(3)
Modifications etc. (not altering text)
C1S. 56 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(3); S.I. 2001/3538, art. 2(1)
S. 56 modified (temp. from 31.10.2001) by S.I. 2001/3374, arts. 1, 11
S. 56 extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 79(1); S.I. 2001/3538, art. 2(1)
C2Ss. 56, 60 modified (temp.) (8.4.2002) by The Financial Services and Markets Act 2000 (Permission and Applications) (Credit Unions etc.) Order 2002 (S.I. 2002/704), art. 7
C3Ss. 56-58 applied (with modifications) (31.12.2011) by The Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011 (S.I. 2011/2832), art. 8
C4S. 56(7) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 55(5) (with art. 23(2))
Commencement Information
I1S. 56 wholly in force at 1.12.2001; s. 56 not in force at Royal Assent see s. 431(2); s. 56 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 56 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
(1)If [F12a regulator] proposes to make a prohibition order it must give the individual concerned a warning notice.
(2)The warning notice must set out the terms of the prohibition.
(3)If [F13a regulator] decides to make a prohibition order it must give the individual concerned a decision notice.
(4)The decision notice must—
(a)name the individual to whom the prohibition order applies;
(b)set out the terms of the order; and
(c)be given to the individual named in the order.
(5)A person against whom a decision to make a prohibition order is made may refer the matter to the Tribunal.
[F14(6)If—
(a)the FCA proposes to make a prohibition order, and
(b)as a result of the proposed order, an individual will be prohibited from performing a function of interest to the PRA,
the FCA must consult the PRA before giving a warning notice under this section.
(7)A function is of interest to the PRA if it is performed in relation to a regulated activity carried on by—
(a)a PRA-authorised person, or
(b)a person who is an exempt person in relation to a PRA-regulated activity carried on by the person.
(8)The PRA must consult the FCA before giving a warning notice under this section.]
[F15(9)If—
(a)the FCA proposes to make a prohibition order which makes provision in relation to a recognised body, and
(b)the FCA is not the appropriate regulator in relation to recognised bodies of that type,
the FCA must consult the appropriate regulator before giving a warning notice under this section.
(10)If the PRA proposes to make a prohibition order which makes provision in relation to a recognised body, the PRA must consult the appropriate regulator in relation to recognised bodies of that type before giving a warning notice under this section.
(11)In this section—
“the appropriate regulator”, in relation to a recognised body, has the meaning given by section 285A;
“recognised body” has the meaning given by section 313;]
Textual Amendments
F12Words in s. 57(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 13(11), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F13Words in s. 57(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 13(11), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F14S. 57(6)-(8) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 13(12), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F15S. 57(9)-(11) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 4(2)
Modifications etc. (not altering text)
C5S. 57 excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 110(3) (with art. 23(2))
C6Ss. 56-58 applied (with modifications) (31.12.2011) by The Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011 (S.I. 2011/2832), art. 8
C7S. 57 applied (with modifications) (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), regs. 1(2), 12(1)
C8S. 57(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 55(1) (with art. 23(2))
Commencement Information
I2S. 57 wholly in force at 1.12.2001; s. 57 not in force at Royal Assent see s. 431(2); s. 57 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 57 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
(1)This section applies to an application for the variation or revocation of a prohibition order.
(2)If the [F16appropriate regulator] decides to grant the application, it must give the applicant written notice of its decision.
(3)If the [F16appropriate regulator] proposes to refuse the application, it must give the applicant a warning notice.
(4)If the [F16appropriate regulator] decides to refuse the application, it must give the applicant a decision notice.
(5)If the [F16appropriate regulator] gives the applicant a decision notice, he may refer the matter to the Tribunal.
[F17(6)The appropriate regulator” means the regulator to which the application is made.]
Textual Amendments
F16Words in s. 58(2)-(5) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 2(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F17S. 58(6) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 2(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Modifications etc. (not altering text)
C9S. 58 excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 110(3) (with art. 23(2))
C10Ss. 56-58 applied (with modifications) (31.12.2011) by The Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011 (S.I. 2011/2832), art. 8
C11S. 58 applied (13.7.2016) by The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I. 2016/715), regs. 1(2), 12(2)
Commencement Information
I3S. 58 wholly in force at 1.12.2001; s. 58 not in force at Royal Assent see s. 431(2); s. 58 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 58 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)
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