The Financial Services Act 2012 (Transitional Provisions) (Enforcement) Order 2013

Disciplinary measures

11.—(1) Paragraphs (5) and (6) apply in respect of a contravention of a requirement listed in paragraph (2)—

(a) which occurred or began before the commencement date; and

(b) in respect of which—

(i) the Authority had not given a warning notice under section 207(1)(1) (proposal to take disciplinary measures), and

(ii) the PRA would have been the appropriate regulator within the meaning of section 204A(2) (meaning of “relevant requirement” and “appropriate regulator”) had the act or omission which constituted the contravention occurred or begun to occur on the commencement date.

(2) The requirements are—

(a) a requirement within the meaning of section 205(3) or 206(4) as they applied at the time of the contravention;

(b) a relevant requirement within the meaning of section 206A(5) as it applied at the time of the contravention.

(3) Paragraphs (5) and (6) also apply in respect of a contravention, beginning on or after the commencement date, of a requirement which—

(a) was imposed before the commencement date under a provision listed in paragraph (4); and

(b) is to be treated as if it had been imposed by the PRA by virtue of an order made under section 119(3) of the 2012 Act.

(4) The provisions are—

(a) section 43 (imposition of requirements);

(b) section 44 (variation etc. at request of authorised person);

(c) section 45 (variation etc. on the Authority’s own initiative), including the exercise of powers under section 45 by virtue of section 47 (exercise of power in support of overseas regulator);

(d) section 46 (variation of permission on acquisition of control);

(e) section 196 (the power of intervention).

(5) Section 204A applies as if it defined both the PRA and the FCA as the appropriate regulator in respect of the contravention for the purposes of Part 14 (disciplinary measures).

(6) For the purposes of section 210(7)(6), the statement to which the PRA must have regard—

(a) where the misconduct occurred and ceased to occur before the commencement date, is the statement published by the Authority and in force at the time that the misconduct occurred;

(b) where the misconduct occurred before the commencement date and continued to occur on or after the commencement date, is the first statement published by the PRA under that section.

(1)

Section 207 was amended by the Financial Services Act 2010, Schedule 2, Part 1, paragraph 18 and is further amended by the 2012 Act, Schedule 9, Part 4, paragraph 14.

(2)

Section 204A is inserted by the 2012 Act, Schedule 9, Part 4, paragraph 10.

(3)

Section 205 was amended by S.I. 2007/126, 2011/1613 and 2012/1906, and is further amended by the 2012 Act, Schedule 9, Part 4, paragraph 11.

(4)

Section 206 was amended by S.I. 2007/126, 2011/1613 and 2012/1906, and is further amended by the 2012 Act, Schedule 9, Part 4, paragraph 12.

(5)

Section 206A was inserted by the Financial Services Act 2010, section 9 and amended by S.I. 2011/1613 and 2012/1906, and is further amended by the 2012 Act, Schedule 9, Part 4, paragraph 13.

(6)

Section 210 is amended by the 2012 Act, Schedule 9, Part 4, paragraph 17.