56.—(1) In this Part—
“IMRO” means the Investment Management Regulatory Organisation Limited and “IMRO rules” means the rules of IMRO;
“PIA” means the Personal Investment Authority Limited and “PIA rules” means the rules of the PIA;
“SFA” means The Securities and Futures Authority Limited and “SFA rules” means the rules of the SFA.
(2) For the purposes of this Part, “disciplinary proceedings” are proceedings brought—
(a)by IMRO under Rules 4.6 and 5.1 of Chapter VIII of the IMRO rules;
(b)by the PIA serving a notice of proposed order under rule 10.1.4(1) or (2) or issuing formal proceedings under rule 10.1.2(3) of the PIA rules;
(c)by the SFA under Rule 7-23A or 7-24A of the SFA rules.
(3) For the purposes of this Part, a person is treated as being subject to incomplete disciplinary proceedings where—
(a)disciplinary proceedings have been brought against him by a recognised self-regulating organisation in accordance with the rules of that organisation; and
(b)he has not been informed, before commencement, whether or not the organisation has determined to impose on him a disciplinary measure within the meaning of article 76 in respect of the matters which were the subject of the proceedings,
and a person who was, immediately before commencement, subject to incomplete disciplinary proceedings is described as being “in discipline”.
(4) Disciplinary proceedings are to be treated as proceedings begun against the person who was subject to them for the purposes of section 66(4).
(5) In this Part, references to “the Civil Remedies Order” are to the Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Civil Remedies, Discipline, Criminal Offences etc.) Order (No. 2) 2001(1);
(6) In this Part—
(a)“the relevant SRO” in relation to a person in discipline is whichever of IMRO, the PIA or the SFA commenced incomplete disciplinary proceedings against him; and
(b)“the relevant SRO” in relation to incomplete disciplinary proceedings means whichever of IMRO, the PIA or the SFA is the organisation in accordance with the rules of which those proceedings were commenced.
Commencement Information
I1Art. 56 in force at 1.12.2001, see art. 1(2)
S.I. 2001/3083.