s 13 Prohibition orders
(1) Section 56 of FSMA 2000 (performance of regulated activities: prohibition orders) is amended as follows. (2) For subsection (1) substitute— (1) The FCA may make a prohibition order if it appears to it that an individual is not a fit and proper person to perform functions in relation to a regulated activity carried on by— (a) an authorised person, (b) a person who is an exempt person in relation to that activity, or (c) a person to whom, as a result of Part 20, the general prohibition does not apply in relation to that activity. (1A) The PRA may make a prohibition order if it appears to it that an individual is not a fit and proper person to perform functions in relation to a regulated activity carried on by— (a) a PRA-authorised person, or (b) a person who is an exempt person in relation to a PRA-regulated activity carried on by the person. (3) In subsection (2), for “The Authority may make an order (“a prohibition order”)” substitute “ A “prohibition order” is an order ” . (4) In subsection (3), for paragraph (b) substitute— (b) all persons falling within subsection (3A) or a particular paragraph of that subsection or all persons within a specified class of person falling within a particular paragraph of that subsection. (5) After subsection (3) insert— (3A) A person falls within this subsection if the person is— (a) an authorised person, (b) an exempt person, or (c) a person to whom, as a result of Part 20, the general prohibition does not apply in relation to a regulated activity. (6) In subsection (6), for “An authorised person” substitute “ A person falling within subsection (3A) ” . (7) In subsection (7)— (a) for “The Authority” substitute “ The regulator that has made a prohibition order ” , and (b) for “a prohibition order” substitute “ the order ” . (8) After subsection (7) insert— (7A) If— (a) the FCA proposes to vary or revoke a prohibition order, and (b) as a result of the proposed variation or revocation, an individual— (i) will no longer be prohibited from performing a function of interest to the PRA, or (ii) will be prohibited from performing such a function, the FCA must consult the PRA before varying or revoking the order. (7B) A function is of interest to the PRA if it is performed in relation to a regulated activity carried on by— (a) a PRA-authorised person, or (b) a person who is an exempt person in relation to a PRA-regulated activity carried on by the person. (7C) The PRA must consult the FCA before varying or revoking a prohibition order. (9) Omit subsection (8). (10) Section 57 of FSMA 2000 (prohibition orders: procedure and right to refer to Tribunal) is amended as follows. (11) In subsections (1) and (3), for “the Authority” substitute “ a regulator ” . (12) At the end insert— (6) If— (a) the FCA proposes to make a prohibition order, and (b) as a result of the proposed order, an individual will be prohibited from performing a function of interest to the PRA, the FCA must consult the PRA before giving a warning notice under this section. (7) A function is of interest to the PRA if it is performed in relation to a regulated activity carried on by— (a) a PRA-authorised person, or (b) a person who is an exempt person in relation to a PRA-regulated activity carried on by the person. (8) The PRA must consult the FCA before giving a warning notice under this section.