Financial Services and Markets Act 2023 (c. 29)

SCHEDULES

SCHEDULE 10 U.K. Performance of functions relating to financial market infrastructure

PART 2 U.K. Related amendments

Amendments to FSMA 2000 U.K.

4 (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;”.

Commencement Information

I1 Sch. 10 para. 4 in force at Royal Assent for specified purposes, see s. 86(1)(e)