Financial Services and Markets Act 2000

[F1 415B Consultation in relation to taking certain enforcement action U.K.

(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),

F2 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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 [F3 relevant senior management] 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.

F4 ...

[F5 (5) In subsection (4)—

• “arrangement” has the same meaning as in section 59;

• “relevant senior management function” means a function which the FCA is satisfied is a senior management function as defined in section 59ZA (whether or not it [F6 is a designated senior management function as defined by section 59ZB).]]]

Textual Amendments

F1 S. 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.

F2 S. 415B(3)(c) omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(20)

F3 Words in s. 415B(4)(b) substituted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 15(2)(a); S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F4 Words in s. 415B(4) omitted (7.3.2016) by virtue of Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 15(2)(b); S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F5 S. 415B(5) inserted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 15(3); S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F6 Words in s. 415B(5) substituted (13.9.2018 for specified purposes, 10.12.2018 for specified purposes, 18.7.2019 for specified purposes, 9.8.2019 for specified purposes, 9.12.2019 for specified purposes, 7.12.2020 in so far as not already in force) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 4 para. 20; S.I. 2018/990, reg. 2(1)(2)(3) (with regs. 3-6); S.I. 2019/1136, reg. 2(2)(3)(4)(5) (with reg. 3)

Modifications etc. (not altering text)

C1 S. 415B applied (1.1.2019) by The Securitisation Regulations 2018 (S.I. 2018/1288), reg. 1, Sch. 1 para. 10 (with Sch. 1 paras. 13, 14)