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The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016
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- UK Statutory Instruments
- 2016 No. 715
- PART 3
- CHAPTER 4
- Regulation 11
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The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016, Section 11 is up to date with all changes known to be in force on or before 23 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Temporary prohibition ordersU.K.
This section has no associated Explanatory Memorandum
11.—(1) The relevant regulator may make a temporary prohibition order where that regulator considers that a person (“A”) has been knowingly concerned in a contravention by a financial or non-financial counterparty of an SFTR requirement.
(2) A temporary prohibition order is an order prohibiting A, for the period specified in the order, from performing functions which require A to be responsible for managing one or more aspects of the affairs of—
(a)a specified financial or non-financial counterparty; or
(b)a financial or non-financial counterparty of a specified description.
(3) A prohibition imposed under this regulation may only be imposed for a limited period of time.
(4) A financial or non-financial counterparty must take reasonable care to ensure that none of the financial or non-financial counterparty's functions is performed by a person who is prohibited from performing such a function by a temporary prohibition order.
(5) The relevant regulator may vary or revoke a temporary prohibition order on the application of A or otherwise.
(6) Where a relevant regulator who has imposed a temporary prohibition order on A considers that A has contravened that order it may—
(a)publish a statement to that effect; or
(b)impose on A a penalty, in respect of the contravention, of such amount as it considers appropriate.
(7) In this regulation “the relevant regulator” means—
(a)where the counterparty referred to in paragraph (1) is a recognised central counterparty [F1or a recognised CSD], the Bank;
(b)where the counterparty referred to in paragraph (1) is any other financial or non-financial counterparty, the FCA.
Textual Amendments
F1Words in reg. 11(7)(a) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 43(5) (with regs. 7(4), 9(1))
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