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.