(1) The appropriate regulator may require an investment firm, credit institution, or recognised investment exchange to remove a person from the management board if the regulator considers it necessary for the purpose of the exercise by it of functions under -
(a) these Regulations;
(b) the markets in financial instruments regulation;
(c) EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018) made under the markets in financial instruments directive which forms part of retained EU law ; or
(d) the Act, which correspond to functions under the markets in financial instruments directive.
(2) For the purposes of this Part "the appropriate regulator" means - (a) in a case where an investment firm or credit institution is a PRA-authorised person, the FCA or PRA; (b) in any other case, the FCA.
(3) The FCA must consult the PRA before requiring an investment firm or credit institution which is a PRA-authorised person to remove a person from
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