Regulation 45 Consultation in relation to certain enforcement actionI1

United Kingdom

(1)

The FCA must consult the PRA before giving a warning notice under regulation 43(1)(a), (b), (c), (e) or (f) or a decision notice under regulation 44(1)(a) (b), (c), (e) or (f) in relation to a person who—

(a)

is a PRA-authorised person, or

(b)

has a qualifying relationship with a PRA-authorised person.

(2)

The FCA must consult the PRA before giving a warning notice under regulation 43(1)(d) or a decision notice under regulation 44(1)(d) if as a result of the prohibition in question an individual would be prohibited from performing a management function in relation to a PRA-authorised person.

(3)

The PRA must consult the FCA before giving a warning notice under regulation 43(2).

(4)

A person has a qualifying relationship with a PRA-authorised person for the purposes of this regulation if the person is a member of the PRA-authorised person’s immediate group.

(5)

In this regulation “immediate group” has the meaning given in section 421ZA of FSMA 2000^f1.

Annotations

Commencement

I1: Reg. 45 in force at 30.1.2024 for specified purposes and 1.11.2024 (the main commencement day) in so far as not already in force, see reg. 2(1)(e)(2)

Footnotes

f1: Section 421ZA was inserted by section 48(2) of the Financial Services Act 2012.