Financial Services and Markets Act 2023

Amendments to FSMA 2000U.K.

This section has no associated Explanatory Notes

3(1)Section 56 (prohibition orders) is amended as follows—

(2)After subsection (7C) insert—

“(7D)If—

(a)the FCA proposes to vary or revoke a prohibition order which makes provision in relation to a recognised body, and

(b)the FCA is not the appropriate regulator in relation to recognised bodies of that type,

the FCA must consult the appropriate regulator.

(7E)If the PRA proposes to vary or revoke a prohibition order which makes provision in relation to a recognised body, the PRA must consult the appropriate regulator in relation to recognised bodies of that type.”

(3)For subsection (9) substitute—

“(9)In this section—

  • “the appropriate regulator”, in relation to a recognised body, has the meaning given by section 285A;

  • “recognised body” has the meaning given by section 313;

  • “specified” means specified in the prohibition order.”

Commencement Information

I1Sch. 10 para. 3 in force at Royal Assent for specified purposes, see s. 86(1)(e)