The Securitisation Regulations 2024
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Change 1
45 Consultation in relation to certain enforcement action
(1) The FCA must consult the PRA before giving a warning notice under regulation 43(1)(a), (b), (c), (e) or (f) or a decision notice under regulation 44(1)(a) (b), (c), (e) or (f) in relation to a person who— (a) is a PRA-authorised person, or (b) has a qualifying relationship with a PRA-authorised person. (2) The FCA must consult the PRA before giving a warning notice under regulation 43(1)(d) or a decision notice under regulation 44(1)(d) if as a result of the prohibition in question an individual would be prohibited from performing a management function in relation to a PRA-authorised person. (3) The PRA must consult the FCA before giving a warning notice under regulation 43(2). (4) A person has a qualifying relationship with a PRA-authorised person for the purposes of this regulation if the person is a member of the PRA-authorised person’s immediate group. (5) In this regulation “immediate group” has the meaning given in section 421ZA of FSMA 2000.
45 Consultation in relation to certain enforcement action
(1) The FCA must consult the PRA before giving a warning notice under regulation 43(1)(a), (b), (c), (e) or (f) or a decision notice under regulation 44(1)(a) (b), (c), (e) or (f) in relation to a person who— (a) is a PRA-authorised person, or (b) has a qualifying relationship with a PRA-authorised person. (2) The FCA must consult the PRA before giving a warning notice under regulation 43(1)(d) or a decision notice under regulation 44(1)(d) if as a result of the prohibition in question an individual would be prohibited from performing a management function in relation to a PRA-authorised person. (3) The PRA must consult the FCA before giving a warning notice under regulation 43(2). (4) A person has a qualifying relationship with a PRA-authorised person for the purposes of this regulation if the person is a member of the PRA-authorised person’s immediate group. (5) In this regulation “immediate group” has the meaning given in section 421ZA of FSMA 2000.
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