12.—(1) Section 57 M1 (prohibition orders: procedure and right to refer to Tribunal) of the Act applies to a temporary prohibition order made under regulation 11 as it applies to a prohibition order made under section 56 M2 of the Act (prohibition orders), but with—
(a)the references to a regulator being read to refer to—
(i)the Bank, where the counterparty referred to in paragraph 11(1) is a recognised central counterparty [F1or a recognised CSD]; or
(ii)the FCA, where the counterparty referred to in paragraph 11(1) is any other financial or non-financial counterparty; and
(b)subsections (6), (7) and (8) of section 57 omitted.
(2) Section 58 M3 of the Act (applications relating to prohibitions: procedure and right to refer to Tribunal) applies to an application made under regulation 11(5) to the relevant regulator for the variation or revocation of a temporary prohibition order made under regulation 11 as it applies to an application for the variation or revocation of a prohibition order made to the appropriate regulator under section 56 of the Act.
Textual Amendments
F1Words in reg. 12(1)(a)(i) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 43(6) (with regs. 7(4), 9(1))
Marginal Citations
M1Section 57 was amended by the Financial Services Act 2012, section 13.
M2Section 56 was amended by the Financial Services Act 2012, section 13.
M3Section 58 was amended by the Financial Services Act 2012, Schedule 5, paragraph 2.