- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (29/06/2023)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 29/06/2023.
Financial Services and Markets Act 2000, Section 57 is up to date with all changes known to be in force on or before 21 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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(1)If [F1a 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 [F2a 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.
[F3(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.]
[F4(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
F1Words 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.
F2Words 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.
F3S. 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.
F4S. 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)
C1S. 57 excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 110(3) (with art. 23(2))
C2Ss. 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
C3S. 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)
C4S. 57(1) extended (1.12.2001) by S.I. 2001/3592, arts. 1(2), 55(1) (with art. 23(2))
Commencement Information
I1S. 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)
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