The Securitisation Regulations 2024
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Change 1
37 Temporary prohibition relating to management functions
(1) If the FCA considers that an individual has contravened, or has been knowingly concerned in the contravention of, a relevant requirement, the FCA may impose a temporary prohibition on that individual from holding an office or position involving responsibility for taking decisions about the management of an originator, sponsor or SSPE. (2) If the PRA considers that an individual has contravened, or has been knowingly concerned in the contravention of— (a) PRA securitisation rules, (b) regulation 38, in a case where the temporary prohibition was imposed by the PRA, or (c) a requirement imposed under section 55M of FSMA 2000 (imposition of requirements by PRA) which relates to securitisations, the PRA may impose a temporary prohibition on that individual from holding an office or position involving responsibility for taking decisions about the management of an originator, sponsor or SSPE. (3) A temporary prohibition imposed under paragraph (1) or (2) expires at the end of such period as the regulator imposing it may specify, but the imposition of a temporary prohibition does not affect the regulator’s power to impose a further temporary prohibition under that paragraph. (4) A temporary prohibition under paragraph (1) or (2) may relate to the management of— (a) a named originator, sponsor or SSPE, (b) an originator, sponsor or SSPE of a specified description, or (c) any originator, sponsor or SSPE. (5) A regulator may revoke a temporary prohibition imposed by it under this regulation, or vary it so as to reduce the period for which it has effect. (6) In this regulation, “PRA securitisation rules” means rules made by the PRA under section 137G of FSMA 2000 which make provision of the kind mentioned in regulation 5(2) in relation to securitisations.
37 Temporary prohibition relating to management functions
(1) If the FCA considers that an individual has contravened, or has been knowingly concerned in the contravention of, a relevant requirement, the FCA may impose a temporary prohibition on that individual from holding an office or position involving responsibility for taking decisions about the management of an originator, sponsor or SSPE. (2) If the PRA considers that an individual has contravened, or has been knowingly concerned in the contravention of— (a) PRA securitisation rules, (b) regulation 38, in a case where the temporary prohibition was imposed by the PRA, or (c) a requirement imposed under section 55M of FSMA 2000 (imposition of requirements by PRA) which relates to securitisations, the PRA may impose a temporary prohibition on that individual from holding an office or position involving responsibility for taking decisions about the management of an originator, sponsor or SSPE. (3) A temporary prohibition imposed under paragraph (1) or (2) expires at the end of such period as the regulator imposing it may specify, but the imposition of a temporary prohibition does not affect the regulator’s power to impose a further temporary prohibition under that paragraph. (4) A temporary prohibition under paragraph (1) or (2) may relate to the management of— (a) a named originator, sponsor or SSPE, (b) an originator, sponsor or SSPE of a specified description, or (c) any originator, sponsor or SSPE. (5) A regulator may revoke a temporary prohibition imposed by it under this regulation, or vary it so as to reduce the period for which it has effect. (6) In this regulation, “PRA securitisation rules” means rules made by the PRA under section 137G of FSMA 2000 which make provision of the kind mentioned in regulation 5(2) in relation to securitisations.
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