8(1)Regulations shall require the Regulator to prescribe rules for the professional conduct of authorised persons.E+W
(2)Regulations under sub-paragraph (1) shall include provision—
(a)about the manner in which rules are to be prepared and published (which may, in particular, include provision requiring—
(i)consultation;
(ii)the submission of a draft to the Secretary of State for approval);
(b)about the consequences of failure to comply with the rules (which may, in particular, include—
(i)provision for rules to be treated as conditions of authorisations;
[F1(ia)provision enabling the Regulator to require an authorised person to pay a penalty;]
(ii)provision enabling the Regulator to impose conditions on, suspend or cancel authorisations).
Textual Amendments
F1Sch. para. 8(2)(b)(ia) inserted (21.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 139(2), 148(3); S.I. 2014/772, art. 2