FCA power to impose requirementsU.K.
36.—(1) The FCA may impose a requirement mentioned in paragraph (2) on a person to whom any of regulations 30 to 35 applies if it appears to the FCA that—
(a)the person has contravened, or is likely to contravene, a requirement imposed on it by or under these Regulations or the markets in financial instruments regulation;
(b)the person has, in purported compliance with any requirement imposed on it by or under these Regulations or the markets in financial instruments regulation, knowingly or recklessly given the FCA information which is false or misleading in a material particular; or
(c)it is desirable to exercise the power in order to advance one or more of the FCA's operational objectives (as defined by section 1B(3) M1 (the FCA's general duties)) of the Act.
(2) For the purposes of paragraph (2) the FCA may impose a requirement that the person—
(a)take specified action; or
(b)refrain from taking specified action.
(3) A requirement imposed under paragraph (2) may—
(a)be imposed by reference to the person's relationship with another person;
(b)be expressed to expire at the end of such period as the FCA may specify, but the imposition of a requirement that expires at the end of a specified period does not affect the FCA's power to impose a new requirement in accordance with paragraph (2); and
(c)refer to the past conduct of the person (for example, by requiring the person to review or take remedial action in respect of past conduct).
(4) If the FCA imposes a requirement under this regulation it must issue a notice to the person.
(5) A person on whom a requirement has been imposed under this regulation may refer that matter to the Tribunal.
Marginal Citations
M1Section 1B(3) was inserted by section 6(1) of the Financial Services Act 2012.