Textual Amendments
F1S. 415B and cross-heading inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 41 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
(1)The FCA must consult the PRA before taking a qualifying step in relation to a person who—
(a)is a PRA-authorised person, or
(b)has a qualifying relationship with a PRA-authorised person.
(2)The PRA must consult the FCA before taking a qualifying step.
(3)In this section any reference to the taking of a qualifying step is a reference to—
(a)the giving of a warning notice or decision notice under section 63B (performance of controlled functions without approval),
(b)the giving of a warning notice or decision notice under section 67 (disciplinary powers in relation to approved person),
(c)the giving of a warning notice under section 126 or a decision notice under section 127 (market abuse),
(d)the giving of a warning notice or decision notice under section 131H (short selling),
(e)the giving of a warning notice under section 207 or a decision notice under section 208 (breaches of requirements imposed by or under Act etc.),
(f)the giving of a warning notice under section 312G or a decision notice under section 312H (recognised bodies),
(g)the making of an application to the court under section 380, 381, 382 or 383 (injunctions or restitution), or
(h)the giving of a warning notice under section 385 or a decision notice under section 386 (power of FCA or PRA to require restitution).
(4)A person has a qualifying relationship with a PRA-authorised person (“A”) for the purposes of this section if—
(a)the person is a member of A's immediate group, or
(b)in the case of a qualifying step within subsection (3)(a) or (b), the person performs a significant-influence function under an arrangement entered into by A, or by a contractor of A, in relation to the carrying on by A of a regulated activity.
“Significant-influence function” and “arrangement” have the same meanings as in section 59.]