Paragraph 4 Amendments to FSMA 2000I1

Section 57 (prohibition orders: procedure and right to refer to Tribunal) is amended as follows.

After subsection (8) insert—

“(9)

If—

(a)

the FCA proposes to make a prohibition order which makes provision in relation to a recognised body, and

(b)

the FCA is not the appropriate regulator in relation to recognised bodies of that type,

the FCA must consult the appropriate regulator before giving a warning notice under this section.

(10)

If the PRA proposes to make a prohibition order which makes provision in relation to a recognised body, the PRA must consult the appropriate regulator in relation to recognised bodies of that type before giving a warning notice under this section.

(11)

In this section—

• “the appropriate regulator”, in relation to a recognised body, has the meaning given by section 285A;

• “recognised body” has the meaning given by section 313;”.