{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-markets-in-financial-instruments-regulations-2017/regulation-38",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-markets-in-financial-instruments-regulations-2017/regulation-38.json",
  "legislation": "uksi/2017/701",
  "legislation_title": "The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-markets-in-financial-instruments-regulations-2017",
  "path": "regulation/38",
  "kind": "regulation",
  "number": "38",
  "heading": "FCA and PRA power to remove a person from a management board",
  "text": "(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 functions under—\n(a) these Regulations;\n(b) the markets in financial instruments regulation;\n(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 assimilated law ; or\n(d) the Act, which correspond to functions under the markets in financial instruments directive.\n(2) For the purposes of this Part “the appropriate regulator” means—\n(a) in a case where an investment firm or credit institution is a PRA-authorised person, the FCA or PRA;\n(b) in any other case, the FCA.\n(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).\n(4) In this regulation “PRA-authorised person” has the same meaning as in section 2B(5) (the PRA's general objective) of the Act.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in reg. 38(1)(c) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 22(c)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2017/701/regulation/38",
    "retrieved_at": "2026-10-28T23:10:02.096065+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}