- Latest available (Revised)
- Point in Time (13/07/2016)
- Original (As made)
Version Superseded: 28/11/2017
Point in time view as at 13/07/2016.
The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016, CHAPTER 4 is up to date with all changes known to be in force on or before 21 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
11.—(1) The relevant regulator may make a temporary prohibition order where that regulator considers that a person (“A”) has been knowingly concerned in a contravention by a financial or non-financial counterparty of an SFTR requirement.
(2) A temporary prohibition order is an order prohibiting A, for the period specified in the order, from performing functions which require A to be responsible for managing one or more aspects of the affairs of—
(a)a specified financial or non-financial counterparty; or
(b)a financial or non-financial counterparty of a specified description.
(3) A prohibition imposed under this regulation may only be imposed for a limited period of time.
(4) A financial or non-financial counterparty must take reasonable care to ensure that none of the financial or non-financial counterparty's functions is performed by a person who is prohibited from performing such a function by a temporary prohibition order.
(5) The relevant regulator may vary or revoke a temporary prohibition order on the application of A or otherwise.
(6) Where a relevant regulator who has imposed a temporary prohibition order on A considers that A has contravened that order it may—
(a)publish a statement to that effect; or
(b)impose on A a penalty, in respect of the contravention, of such amount as it considers appropriate.
(7) In this regulation “the relevant regulator” means—
(a)where the counterparty referred to in paragraph (1) is a recognised central counterparty, the Bank;
(b)where the counterparty referred to in paragraph (1) is any other financial or non-financial counterparty, the FCA.
12.—(1) Section 57 M1 (prohibition orders: procedure and right to refer to Tribunal) of the Act applies to a temporary prohibition order made under regulation 11 as it applies to a prohibition order made under section 56 M2 of the Act (prohibition orders), but with—
(a)the references to a regulator being read to refer to—
(i)the Bank, where the counterparty referred to in paragraph 11(1) is a recognised central counterparty; or
(ii)the FCA, where the counterparty referred to in paragraph 11(1) is any other financial or non-financial counterparty; and
(b)subsections (6), (7) and (8) of section 57 omitted.
(2) Section 58 M3 of the Act (applications relating to prohibitions: procedure and right to refer to Tribunal) applies to an application made under regulation 11(5) to the relevant regulator for the variation or revocation of a temporary prohibition order made under regulation 11 as it applies to an application for the variation or revocation of a prohibition order made to the appropriate regulator under section 56 of the Act.
Marginal Citations
M1Section 57 was amended by the Financial Services Act 2012, section 13.
M2Section 56 was amended by the Financial Services Act 2012, section 13.
M3Section 58 was amended by the Financial Services Act 2012, Schedule 5, paragraph 2.
13. Section 312E (public censure), 312F (financial penalties), 312G (proposal to take disciplinary measures), 312H (decision notice) and 312I M4 (publication) of the Act apply in relation to the contravention by a recognised body of a requirement under regulation 11(4) as they apply in relation to the contravention by a recognised body of a relevant requirement, but with—
(a)references to the appropriate regulator being read to refer to—
(i)the Bank, where the recognised body is a recognised central counterparty;
(ii)the FCA, where the recognised body is any other financial or non-financial counterparty;
(b)in sub-paragraph (b) of section 312I, the reference to section 393(4) being read to refer to regulation 19.
Marginal Citations
M4Section 312E, 312F, 312G, 312H and 312I were inserted by the Financial Services Act 2012, section 33.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: