C6C13C15 Part V Performance of Regulated Activities

Annotations:
Modifications etc. (not altering text)
C6

Pt. 5 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))

F17Conduct of approved persons and others

Annotations:
Amendments (Textual)
F17

Ss. 64A, 64B and cross-heading inserted (25.7.2014 for specified purposes, 7.3.2016 for specified purposes) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 30(3), 148(5); S.I. 2014/1819, art. 2(2)(c); S.I. 2015/490, art. 2(1)(d) (as inserted by S.I. 2015/2055, art. 2(4) and with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

C1C2C3C4C7C8C10C9C11C12C1466 Disciplinary powers.

1

F6A regulator may take action against a person under this section F7(whether or not it has given its approval in relation to the person) if—

a

it appears to the F8regulator that he is guilty of misconduct; and

b

the F9regulator is satisfied that it is appropriate in all the circumstances to take action against him.

F181A

For provision about when a person is guilty of misconduct for the purposes of action by a regulator—

a

see section 66A, in the case of action by the FCA, and

b

see section 66B, in the case of action by the PRA.

F192

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F252A

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3

If the F10regulator is entitled to take action under this section against a person, F1it may do one or more of the following——

C5a

impose a penalty on him of such amount as it considers appropriate;

F2aa

suspend, for such period as it considers appropriate, any approval of the performance by him of any function to which the approval relates;

F20ab

impose, for such period as it considers appropriate, any conditions in relation to any such approval which it considers appropriate;

ac

limit the period for which any such approval is to have effect;

b

publish a statement of his misconduct.

F33A

The period for which a suspension or F21condition is to have effect may not exceed two years.

3B

A suspension F27, condition or limitation may have effect in relation to part of a function.

3C

A F28condition may, in particular, be imposed so as to require any person to take, or refrain from taking, specified action.

3D

F11The regulator taking action under this section may—

a

withdraw a suspension F29, condition or limitation; F30...

b

vary a suspension or F31condition so as to reduce the period for which it has effect or otherwise to limit its effect.

F22c

vary a limitation so as to increase the period for which the approval is to have effect.

4

F12A regulator may not take action under this section after the end of the F16 relevant period beginning with the first day on which F13the regulator knew of the misconduct, unless proceedings in respect of it against the person concerned were begun before the end of that period.

5

For the purposes of subsection (4)—

a

F14a regulator is to be treated as knowing of misconduct if it has information from which the misconduct can reasonably be inferred; and

b

proceedings against a person in respect of misconduct are to be treated as begun when a warning notice is given to him under section 67(1).

F155ZA

“The relevant period” is—

a

in relation to misconduct which occurs before the day on which this subsection comes into force, the period of 3 years, and

b

in relation to misconduct which occurs on or after that day, the period of 6 years.

F45A

“Approval” means an approval given under section 59.

F266

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F237

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F58

In relation to any time while a suspension is in force under subsection (3)(aa) in relation to part of a function, any reference in section 59 or 63A to the performance of a function includes the performance of part of a function.

9

If at any time a F24condition imposed under subsection (3)(ab) is contravened, the approval in relation to the person concerned is to be treated for the purposes of sections 59 and 63A as if it had been withdrawn at that time.