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Financial Services and Markets Act 2000

Financial Services and Markets Act 2000 s 67

s 67 Disciplinary measures: procedure and right to refer to Tribunal.

(1) If a regulator proposes to take action against a person under section 66, it must give him a warning notice ; and if it proposes to take action under subsection (3)(aa) , (ab) or (ac) of that section, it must also give each of the other interested parties a warning notice. (2) A warning notice about a proposal to impose a penalty must state the amount of the penalty. (2A) A warning notice about a proposal— (a) to suspend an approval, or (b) to impose a condition in relation to the performance of a function, must state the period for which the suspension or condition is to have effect. (2B) A warning notice about a proposal to limit the period for which an approval is to have effect must state the length of that period. (3) A warning notice about a proposal to publish a statement must set out the terms of the statement. (4) If a regulator decides to take action against a person under section 66, it must give him a decision notice ; and if it decides to take action under subsection (3)(aa) , (ab) or (ac) of that section, it must also give each of the other interested parties a decision notice. (5) A decision notice about the imposition of a penalty must state the amount of the penalty. (5A) A decision notice about— (a) the suspension of an approval, or (b) the imposition of a condition in relation to the performance of a function, must state the period for which the suspension or condition is to have effect. (5B) A decision notice about limiting the period for which an approval is to have effect must state the length of that period. (6) A decision notice about the publication of a statement must set out the terms of the statement. (7) If a regulator decides to take action against a person under section 66, he may refer the matter to the Tribunal ; and if the regulator decides to take action under section 66(3)(aa) , (ab) or (ac) , each of the other interested parties may also refer the matter to the Tribunal. (8) Approval” means an approval given under section 59. (9) “ Other interested parties ”, in relation to a person (“A”) in relation to whom approval has been given, are— (a) the person on whose application the approval was given (“B”); and (b) the person by whom A's services are retained, if not B. ...

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