SCHEDULES

SCHEDULE 10Performance of functions relating to financial market infrastructure

PART 2Related amendments

I14Amendments to FSMA 2000

1

Section 57 (prohibition orders: procedure and right to refer to Tribunal) is amended as follows.

2

After subsection (8) insert—

9

If—

a

the FCA proposes to make 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 before giving a warning notice under this section.

10

If the PRA proposes to make 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 before giving a warning notice under this section.

11

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;