The Immigration Act 2014 (Bank Accounts) Regulations 2014
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Change 1
19 Suspension of and restrictions on approval to carry on functions
(1) If the FCA considers that an approved person (“A”) has been knowingly concerned in a contravention by a current account authorised person of a relevant requirement, it may— (a) suspend, for such period as it considers appropriate, any approval of the performance by A of any function to which an approval relates, or (b) impose, for such period as it considers appropriate, such limitations or other restrictions in relation to the performance by A of any function to which an approval relates as it considers appropriate. (2) The period for which a suspension or restriction is to have effect may not exceed two years. (3) A suspension or restriction may have effect in relation to part of a function. (4) A restriction may, in particular, be imposed so as to require any person to take, or refrain from taking, specified action. (5) The FCA may not take action under this regulation after the end of the period of three years beginning with the first day on which the FCA knew that A had been knowingly concerned in a contravention by a current account authorised person of a relevant requirement, unless proceedings in respect of it against A were begun before the end of that period. (6) For the purposes of paragraph (5)— (a) the FCA is to be treated as knowing of A’s conduct if it has information from which the conduct can reasonably be inferred, and (b) proceedings against A in respect of A’s conduct are to be treated as begun when a warning notice is given to A under regulation 24 (requirement to issue warning notice). (7) In relation to any time while a suspension is in force under paragraph (1)(a) in relation to part of a function, any reference in section 59 (approval for particular arrangements) or 63A (power to impose penalties) of the 2000 Act to the performance of a function includes the performance of part of a function. (8) If at any time a restriction imposed under paragraph (1)(b) is contravened, approval under section 59 of the 2000 Act in relation to A is to be treated for the purposes of sections 59 and 63A of the 2000 Act as if it had been withdrawn at that time.
19 Suspension of and restrictions on approval to carry on functions
(1) If the FCA considers that an approved person (“A”) has been knowingly concerned in a contravention by a current account authorised person of a relevant requirement, it may— (a) suspend, for such period as it considers appropriate, any approval of the performance by A of any function to which an approval relates, or (b) impose, for such period as it considers appropriate, such limitations or other restrictions in relation to the performance by A of any function to which an approval relates as it considers appropriate. (2) The period for which a suspension or restriction is to have effect may not exceed two years. (3) A suspension or restriction may have effect in relation to part of a function. (4) A restriction may, in particular, be imposed so as to require any person to take, or refrain from taking, specified action. (5) The FCA may not take action under this regulation after the end of the period of three years beginning with the first day on which the FCA knew that A had been knowingly concerned in a contravention by a current account authorised person of a relevant requirement, unless proceedings in respect of it against A were begun before the end of that period. (6) For the purposes of paragraph (5)— (a) the FCA is to be treated as knowing of A’s conduct if it has information from which the conduct can reasonably be inferred, and (b) proceedings against A in respect of A’s conduct are to be treated as begun when a warning notice is given to A under regulation 24 (requirement to issue warning notice). (7) In relation to any time while a suspension is in force under paragraph (1)(a) in relation to part of a function, any reference in section 59 (approval for particular arrangements) or 63A (power to impose penalties) of the 2000 Act to the performance of a function includes the performance of part of a function. (8) If at any time a restriction imposed under paragraph (1)(b) is contravened, approval under section 59 of the 2000 Act in relation to A is to be treated for the purposes of sections 59 and 63A of the 2000 Act as if it had been withdrawn at that time.
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