Section 206V Management disqualificationF1

(1)

The Bank of England may by order prohibit a specified person from holding an office or position involving responsibility for taking decisions about the management of a recognised person—

(a)

for a specified period,

(b)

until further notice, or

(c)

permanently.

(2)

A person who breaches a prohibition under subsection (1) commits an offence.

(3)

A person who commits an offence under this section is liable—

(a)

on summary conviction in England and Wales, to a fine;

(b)

on summary conviction in Scotland, to a fine not exceeding the statutory maximum;

(c)

on summary conviction in Northern Ireland, to a fine not exceeding the statutory maximum;

(d)

on conviction on indictment, to a fine.

(4)

In this section, “specified” means specified in the order.

Annotations

Textual amendments

F1: Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 1