# Financial Services and Markets Act 2023, Paragraph 138: Procedure: warning notice

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

(1) If the Bank proposes to impose a sanction on a person under paragraph 136(1) or (3) it must give that person a warning notice.
(2) Section 387 of FSMA 2000 applies in relation to a warning notice given under sub-paragraph (1) and to the Bank as it applies in relation to a warning notice given under that Act and to the regulator which gave that notice, subject to sub-paragraphs (3) and (4).
(3) In complying with section 387(1)(a) of that Act, a warning notice must in particular—
(a) if it is about a proposal to publish a statement, set out the terms of the statement,
(b) if it is about a proposal to impose a penalty, specify the amount of the penalty,
(c) if it is about a proposal to direct a person to refrain from certain conduct, specify the conduct, and
(d) if it is about a proposal to impose a prohibition on holding an office or other position, specify the extent of the prohibition.
(4) For the purposes of sub-paragraph (2), section 387 of that Act has effect as if subsections (1A) and (3A) were omitted.

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Source: https://www.legislation.gov.uk/ukpga/2023/29/schedule/11/paragraph/138 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-11/paragraph-138
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.