The Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001

Definition of “disciplinary measure”

76.—(1) In this Chapter, a “disciplinary measure” means—

(a)any measure imposed by a disciplinary tribunal in accordance with Rule 6.7(6) of Chapter VIII of the IMRO rules;

(b)any measure imposed by a tribunal in accordance with Rule 10.4.3 of Chapter 10 of the PIA rules;

(c)any measure imposed by a disciplinary tribunal in accordance with rule 7–30 (penalties), 7–30A (terms and conditions) or 7–31 (compensation orders) of Chapter 7 of the SFA rules.

(2) This Chapter applies only to a disciplinary measure imposed—

(a)on an authorised person (within the meaning of the Act) who was a member of the recognised self-regulating organisation immediately before commencement; or

(b)in respect of post commencement actionable misconduct by an individual who was immediately before commencement—

(i)a registered individual for the purposes of Rule 1.2.(2) to (4) of Chapter IV and Chapter VIII of the IMRO rules or a person who had, before commencement, ceased to be a registered individual but who was treated as a registered individual for the purposes of Rule 1.2(2) to (4) of Chapter IV and Chapter VIII of the IMRO rules;

(ii)a registered individual or former registered individual for the purposes of the PIA rules;

(iii)a registered person or former registered person for the purposes of SFA rules.

(3) “Post commencement actionable misconduct” for the purposes of paragraph (2)(b) is any failure, misconduct or contravention—

(a)in respect of which the Authority would have power, by virtue of article 9(3) of the Civil Remedies Order, to take action after commencement under section 66, or

(b)which the Authority would be entitled to take into account in the exercise of its powers under section 63.