PART 5Monitoring of compliance and enforcement
CHAPTER 4Disciplinary measures
Limitations on permission to carry on regulated activities27
1
If the FCA considers that a designated firm has contravened a relevant requirement, it may impose, for such period as it considers appropriate, such limitations in relation to the carrying on of a regulated activity by the designated firm as it considers appropriate.
2
In paragraph (1) above “carrying on of a regulated activity” means carrying on of a regulated activity under any permission given (or treated as given) by the FCA or PRA or conferred by any provision of the 2000 Act.
3
The period for which a limitation is to have effect may not exceed 12 months.
4
A limitation may, in particular, be imposed so as to require the designated firm to take, or refrain from taking, specified action.
5
The FCA may—
a
withdraw a limitation, or
b
vary a limitation so as to reduce the period for which it has effect or otherwise to limit its effect.
6
The power under this regulation may (but need not) be exercised so as to have effect in relation to all the regulated activities that the designated firm carries on.
7
Any one or more of the powers under this regulation and regulations 25 (public censure) and 26 (financial penalties) may be exercised in relation to the same contravention.