Section 309Z Issuing certificatesF1
A relevant recognised body may issue a certificate to a person under this section in relation to a function only if the body is satisfied that the person is a fit and proper person to perform the function.
In deciding that question the body must have regard, among other things, to whether the person—
has obtained a specified qualification,
has undergone, or is undergoing, specified training,
possesses a specified level of competence, or
has specified personal characteristics.
In subsection (2), “specified” means specified in rules made by the appropriate regulator.
A certificate issued by a relevant recognised body to a person under this section must—
state that the body is satisfied that the person is a fit and proper person to perform the function to which the certificate relates, and
set out the aspects of the body’s affairs in which the person will be involved in performing the function.
A certificate issued under this section is valid for a period of 12 months beginning with the day on which it is issued.
If, after having considered whether a person is a fit and proper person to perform a function, a relevant recognised body decides not to issue a certificate to the person under this section, the body must give the person a notice in writing stating—
what steps (if any) the body proposes to take in relation to the person as a result of the decision, and
the reasons for proposing to take those steps.
A relevant recognised body must maintain a record of every employee who has a valid certificate issued by it under this section.
Annotations
Textual amendments
- F1
Pt. 18 Ch. 2A inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 1
Notes on Part XVIII
Textual amendments
- F1
Pt. 18 heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(8) (with regs. 7(4), 9(1))
- F2
Words in Pt. 18 heading substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 18(2), 86(3); S.I. 2023/779, reg. 4(m)
Modifications
- C1
Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))