# The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, Regulation 38: FCA and PRA power to remove a person from a management board

Extent: E+W+S+N.I.

(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—
(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 assimilated 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.

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Source: https://www.legislation.gov.uk/uksi/2017/701/regulation/38 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-markets-in-financial-instruments-regulations-2017/regulation-38
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.