|
|
|
Amendment of section 26 of Act of 2010
|
| |
16. Section 26 of the Act of 2010 is amended—
|
|
| |
(a) by the substitution of the following subsections for subsection (1):
|
|
| |
“(1) The Head of Financial Regulation may issue a notice (in this Part called a ‘suspension notice’) in relation to a person if—
|
|
| |
(a) subject to subsection (1A), the person’s fitness and probity is or has been the subject of an investigation under section 25, or
|
|
| |
(b) the Bank or the Governor has imposed a prohibition on the person under section 43 (whether or not there has been any investigation under section 25),
|
|
| |
and the Head of Financial Regulation is satisfied that it is necessary in the interests of the proper regulation of a regulated financial service provider or holding company that the person not perform the relevant controlled function, a part of the relevant controlled function, or any controlled function, while the Head of Financial Regulation, the Bank or the Governor, as the case may be, is carrying out any function in relation to the person under this Chapter or Chapter 4.
|
|
| |
(1A) In paragraph (a) of subsection (1), the reference to an investigation under section 25 does not include an investigation in the circumstances referred to in paragraph (aa) of section 25(2), unless any other paragraph of section 25(2) also applies.
|
|
| |
(1B) Where paragraph (b) of subsection (1) applies, the reference in that subsection to the relevant controlled function, or a part of the relevant controlled function, is a reference to a controlled function, or a part of a controlled function, to which the prohibition applies.”,
|
|
| |
(b) in subsection (3)—
|
|
| |
(i) by the substitution of “provider or holding company concerned” for “provider concerned”, and
|
|
| |
(ii) by the insertion of “or holding company” before “confirms”,
|
|
| |
(c) in subsection (4)—
|
|
| |
(i) in paragraph (b), by the substitution of “section 25(1)(a) or, where subsection (1)(b) of this section applies, details of the prohibition” for “section 25(1)”,
|
|
| |
(ii) by the substitution of the following paragraph for paragraph (d):
|
|
| |
“(d) shall require the suspended person and any regulated financial service provider or holding company on which a copy of the notice is served to show cause, in writing, within 5 days after service of the notice, why the suspension notice should not be confirmed, and”,
|
|
| |
and
|
|
| |
(iii) by the substitution of the following paragraph for paragraph (e):
|
|
| |
“(e) shall set out, for any regulated financial service provider or holding company on which any terms and conditions are imposed under subsection (8), the terms and conditions imposed.”,
|
|
| |
(d) in subsection (5)—
|
|
| |
(i) in paragraph (b), by the insertion of “or holding company” after “provider”, and
|
|
| |
(ii) in paragraph (c), by the insertion of “or holding company” after “provider”,
|
|
| |
(e) by the deletion of subsection (6),
|
|
| |
(f) in subsection (7), by the insertion of “or holding company” after “provider”,
|
|
| |
(g) in subsection (8)—
|
|
| |
(i) by the substitution of “any regulated financial service provider or holding company on which a copy of the notice is served” for “any regulated financial service provider concerned”,
|
|
| |
(ii) by the substitution of “including any terms and conditions” for “including any condition”, and
|
|
| |
(iii) by the substitution of “its business until it complies with the notice” for “the business of the regulated financial service provider concerned until the regulated financial service provider complies with the notice”,
|
|
| |
and
|
|
| |
(h) in subsection (9)—
|
|
| |
(i) by the insertion of “or holding company” after “provider”, and
|
|
| |
(ii) by the substitution of “as to why the suspension notice should not be confirmed” for “in relation to the fitness and probity of the suspended person concerned”.
|
