PART 3Administration and enforcement
CHAPTER 4Measures in relation to individuals
Temporary prohibition orders11.
(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.