Regulation 39 Imposition of temporary ban on STS notifications
(1)
If the FCA considers that—
(a)
an originator, sponsor or SSPE has failed to meet the requirements of designated activity rules made by virtue of regulation 5, so far as those rules relate to STS securitisations, or
(b)
an originator or sponsor has made a misleading STS notification,
the FCA may, for such period as it considers appropriate, temporarily ban the originator or sponsor from making an STS notification.
(2)
The FCA may—
(a)
revoke a temporary ban imposed under paragraph (1), or
(b)
vary the period for which the temporary ban has effect.
(3)
The FCA must consult the PRA before imposing a temporary ban on an originator or sponsor who is a PRA-authorised person, or varying such a ban so as to extend the period for which it has effect.