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Part VIIIU.K. [F1Provisions relating to market abuse]

Textual Amendments

Modifications etc. (not altering text)

ProcedureU.K.

126 Warning notices.U.K.

[F2(1)If the FCA proposes—

(a)to impose a penalty on a person under section 123(2);

(b)to publish a statement censuring a person under section 123(3);

(c)to impose a temporary prohibition on an individual under section 123A(2)(a);

(d)to impose a temporary prohibition on an individual under section 123A(2)(b);

(e)to impose a permanent prohibition on an individual under section 123A(3); or

(f)to impose a suspension or restriction in relation to a person under section 123B;

it must give the person a warning notice.]

(2)A warning notice about a proposal to impose a penalty [F3under section 123] must state the amount of the proposed penalty.

(3)A warning notice about a proposal to publish a statement [F4under section 123] must set out the terms of the proposed statement.

[F5(4)A warning notice about a proposal to impose a prohibition under section 123A must set out the terms of the proposed prohibition.

(5)A warning notice about a proposal to impose a suspension or restriction under section 123B must state the period for which the suspension or restriction is to have effect.]

Textual Amendments

127 Decision notices and right to refer to Tribunal.U.K.

[F6(1)If the FCA decides—

(a)to impose a penalty on a person under section 123(2);

(b)to publish a statement censuring a person under section 123(3);

(c)to impose a temporary prohibition on an individual under section 123A(2)(a);

(d)to impose a temporary prohibition on an individual under section 123A(2)(b);

(e)to impose a permanent prohibition on an individual under section 123A(3);

(f)to impose a suspension or restriction in relation to a person under section 123B;

it must give the person a decision notice.]

(2)A decision notice about the imposition of a penalty [F7under section 123] must state the amount of the penalty.

(3)A decision notice about the publication of a statement [F8under section 123] must set out the terms of the statement.

[F9(3A)A decision notice about the imposition of a prohibition under section 123A must set out the terms of the prohibition.

(3B)A decision notice about the imposition of a suspension or restriction under section 123B must state the period for which the suspension or restriction is to have effect.]

[F10(4)If the FCA decides—

(a)to impose a penalty on a person under section 123(2);

(b)to publish a statement censuring a person under section 123(3);

(c)to impose a prohibition on an individual under section 123A; or

(d)to impose a suspension or restriction in relation to a person under section 123B;

that person may refer the matter to the Tribunal.]

Textual Amendments

[F11127A.Consultation with the PRA in relation to administrative sanctionsU.K.

(1)The FCA must consult the PRA before giving a warning notice under section 126(1)(a), (b), (d) or (f) or a decision notice under section 127(1)(a), (b), (d) or (f) in relation to a person who—

(a)is a PRA-authorised person; or

(b)is a member of a PRA-authorised person’s immediate group.

(2)The FCA must consult the PRA before giving a warning notice under section 126(1)(c) or (e) or a decision notice under section 127(1)(c) or (e) if as a result of the prohibition in question an individual would be prohibited from holding an office or position involving responsibility for taking decisions about the management of a PRA-authorised investment firm.

(3)The FCA must consult the PRA before varying or revoking a prohibition under section 123A(2)(a) or (3) if as a result of the proposed variation or revocation an individual would no longer be prohibited from holding an office or position involving responsibility for taking decisions about the management of a PRA-authorised investment firm.

(4)In this section “PRA-authorised investment firm” means an investment firm which is a PRA-authorised person and carries on a regulated activity.]

Textual Amendments