Article 3 Disciplinary powers

(1)

Paragraphs (2) to (4) apply if—

(a)

it appears to a regulator that a person was, before the commencement date, guilty of misconduct (within the meaning of section 66^f1 (disciplinary powers) as it applied at the time of the misconduct);

(b)

the controlled function which the person was approved to perform is, on the commencement date, a significant-influence function in relation to the carrying on by a PRA-authorised person of a regulated activity;

(c)

the Authority had not, before the commencement date, given a warning notice in accordance with section 67(1)^f2 (disciplinary measures: procedure and right to refer to Tribunal) in respect of the misconduct.

(2)

Either regulator may take action under section 66 in respect of the misconduct.

(3)

For the purposes of a regulator taking action under section 66 in respect of misconduct which occurred before the commencement date, section 66 is modified as follows—

(a)

for subsections (2) and (2A), substitute section 66(2) as it applied at the time of the misconduct; and

(b)

in subsection (4), for “the regulator knew” substitute “one of the regulators knew”.

(4)

For the purposes of section 69(8)^f3 (statement of policy), the statement of policy to which the PRA must have regard—

(a)

where the misconduct occurred and ceased to occur before the commencement date, is the statement published by the Authority and in force at the time that the misconduct occurred;

(b)

where the misconduct occurred before the commencement date and continued to occur on or after the commencement date, is the first statement published by the PRA under that section.

Annotations

Footnotes

f1: Section 66 was amended by the Financial Services Act 2010 (c.28), section 12 and Schedule 2, paragraph 8 and S.I. 2007/126, 2011/1613 and 2012/1906, and is further amended by the 2012 Act, Schedule 5, paragraph 14.
f2: Section 67(1) was amended by the Financial Services Act 2010, Schedule 2, paragraph 9 and is further amended by the 2012 Act, Schedule 5, paragraph 15.
f3: Section 69 was amended by the Financial Services Act 2010, Schedule 2, paragraph 10 and is further amended by the 2012 Act, Schedule 5, paragraph 17