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(1)Subsection (2) applies where it appears to the FCA that an individual—
(a)is not of sufficiently good repute, or
(b)does not possess sufficient knowledge, skills and experience,
to perform a function in relation to an activity carried on by a non-authorised parent undertaking of an FCA investment firm.
(2)The FCA may make an order (“a Part 9C prohibition order”) prohibiting the individual from performing the function.
(3)A Part 9C prohibition order may relate to—
(a)all functions in relation to an activity carried on by a non-authorised parent undertaking of an FCA investment firm, or
(b)a function specified in the order or of a description specified in the order.
(4)A Part 9C prohibition order may relate to—
(a)all activities of a non-authorised parent undertaking of an FCA investment firm, or
(b)an activity specified in the order or of a description specified in the order.
(5)A Part 9C prohibition order may relate to—
(a)all non-authorised parent undertakings of FCA investment firms, or
(b)an undertaking specified, or within a description specified, in the order.
(6)A non-authorised parent undertaking of an FCA investment firm must take reasonable care to ensure that none of its functions is performed by a person who is prohibited from performing that function by a Part 9C prohibition order.]
Textual Amendments
F1Pt. 9C inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 2 para. 1; S.I. 2021/671, reg. 4(b)
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