Part V Performance of Regulated Activities (ss 56-[71I)
Part V Performance of Regulated Activities (ss 56-[71I)

56 Prohibition orders

[(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.]

(2)     [A “prohibition order” is an order] prohibiting the individual from performing a specified function, any function falling within a specified description or any function.

(3)     A prohibition order may relate to—

(a)     a specified regulated activity, any regulated activity falling within a specified description or all regulated activities;

[(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].

[(3A)     A person falls within this subsection if the person is—

(a)     an authorised person,

(b)     an exempt person, or

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