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The Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017
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- UK Statutory Instruments
- 2017 No. 1301
- PART 4
- Regulation 19
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Procedure for disciplinary measuresU.K.
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19.—(1) If the FCA proposes to publish a censuring statement or make a recommendation for removal, it must give the self-regulatory organisation concerned a warning notice.
(2) Section 387 of FSMA M1 applies in relation to a notice given under paragraph (1) as it applies in relation to a warning notice given by the FCA under FSMA, subject to paragraph (3).
(3) In complying with section 387(1)(a), a warning notice must—
(a)if it is about a proposal to publish a censuring statement, set out the terms of the proposed statement;
(b)if it is about a proposal to make a recommendation for removal, set out the reasons for the proposal.
(4) If the FCA decides to publish a censuring statement or make a recommendation for removal, it must, without undue delay, give a decision notice to the self-regulatory organisation concerned.
(5) If the decision is to publish a censuring statement, the decision notice must set out the terms of the statement.
(6) If the decision is to make a recommendation for removal, the decision notice must set out the reasons for the decision.
(7) Section 388 (decision notices) of FSMA M2 applies in relation to a decision notice given under paragraph (4) as it applies in relation to a decision notice given by the FCA under FSMA.
Marginal Citations
M12000 c.8. Section 387 was amended by paragraph 26 of Schedule 9 to the Financial Services Act 2012 and paragraph 12 of Schedule 3 to the Financial Services (Banking Reform) Act 2013 (c.33).
M2Section 388 has been amended (and subsection (1A) inserted) by paragraph 27 of Schedule 9 to the Financial Services Act 2012 and paragraph 13 of Schedule 3 to the Financial Services (Banking Reform) Act 2013 (c.33).
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