(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".
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