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Application provision

1.1 Unless otherwise stated, this Part applies to every firm and Chapter 8 applies only to a BRRD undertaking.

3.1

19/06/2014

The PRA directs that:

  1. (1) the Society must immediately inform the PRA in writing if it becomes aware that any matter likely to be of material concern to the PRA may have arisen in relation to:
    1. (a) the regulated activities for which the Society has permission; or
    2. (b) managing agents; or
    3. (c) approved persons or individuals acting for or on behalf of managing agents.
  2. (2) the Society must inform the PRA if it commences investigations or disciplinary proceedings relating to apparent breaches:
    1. (a) of FSMA or requirements made or imposed under FSMA, including the threshold conditions or any rules, by a managing agent; or
    2. (b) of the Statements of Principle by an individual or other person who carries out controlled functions for or on behalf of a managing agent.
  3. (3) that the Society must inform the PRA if it commences investigations or disciplinary proceedings which do not fall within the scope of (2) but which:
    1. (a) involve a managing agent, or an approved person who carries out controlled functions for it or on its behalf; or
    2. (b) may indicate that an individual acting for or on behalf of a managing agent may not be a fit and proper person to perform functions in relation to regulated activities,

and in each case the direction is given in relation to the exercise of the powers of the Society and of the Council generally, with a view to achieving the objective of enabling the PRA to (1) comply with its general duty under section 314 of FSMA; (2) determine whether managing agents or approved persons acting for them or on their behalf, are complying with the requirements imposed on them by or under FSMA and (3) enforce the provisions of FSMA, or requirements made under FSMA, by enabling the PRA to consider, where appropriate, whether it should use its powers, for example to:

  1. (i) vary or cancel the permission of a managing agent, under section 55J of FSMA (Variation or cancellation on initiative of regulator);
  2. (ii) withdraw approval from an approved person acting for or on behalf of a managing agent, under section 63 of FSMA (Withdrawal of approval);
  3. (iii) prohibit an individual, acting for or on behalf of a managing agent, from involvement in regulated activities, under section 56 of FSMA (Prohibition orders);
  4. (iv) require a managing agent to make restitution, under section 384 of FSMA (Power of [FCA or PRA] to require restitution);
  5. (v) discipline a managing agent, or an approved person acting for it or on its behalf, for a breach of a requirement made under FSMA, including the Fundamental Rules, Statements of Principle and rules;
  6. (vi) apply to court for an injunction, restitution order or insolvency order; and
  7. (vii) prosecute any criminal offence that the PRA has power to prosecute under FSMA.

3.2

19/06/2014

Each direction in SUP 15.3.22D to SUP 15.3.25D of the PRA Handbook continues to have effect from the date the relevant direction was given to the date on which the direction in 3.1 has effect.