The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 No. 701

PART 5 U.K. Removal of persons from the management board of an investment firm, credit institution, or recognised investment exchange

FCA and PRA power to remove a person from a management board U.K.

38.—(1) The appropriate regulator may require an investment firm, credit institution, or recognised investment exchange to remove a person from the management board if the regulator considers it necessary for the purpose of the exercise by it of [F1 functions under—

(a) these Regulations;

(b) the markets in financial instruments regulation;

(c) EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018) made under the markets in financial instruments directive which forms part of retained EU law ; or

(d) the Act, which correspond to functions under the markets in financial instruments directive.]

(2) For the purposes of this Part “the appropriate regulator” means—

(a) in a case where an investment firm or credit institution is a PRA-authorised person, the FCA or PRA;

(b) in any other case, the FCA.

(3) The FCA must consult the PRA before requiring an investment firm or credit institution which is a PRA-authorised person to remove a person from the management board under paragraph (1).

(4) In this regulation “PRA-authorised person” has the same meaning as in section 2B(5) (the PRA's general objective) of the Act.

Textual Amendments

F1 Words in reg. 38(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 14 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)