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Version status: Revoked | Document consolidation status: Updated to reflect all known changes
Version date: 1 November 2024 - onwards
  Version 3 of 3    

Regulation 6 Temporary prohibition relating to management functions: obligations on originator, sponsor or SSPE

Revoked from 1 November 2024

(1) An originator, sponsor or SSPE must take reasonable care to ensure that no individual holds an office or position involving responsibility for taking decisions about the management of that entity in contravention of a temporary prohibition imposed under regulation 5(1).

(2) Except in the cases given in paragraph (3), if an originator, sponsor or SSPE fails to comply with paragraph (1), it is taken to have contravened a requirement imposed by the FCA under these Regulations. If an originator, sponsor or SSPE fails to comply with paragraph (1) and -

(a) it is a PRA-authorised person or a SRUP; and

(b) the temporary prohibition has been imposed by the PRA;

the originator, sponsor or SSPE is taken to have contravened a requirement imposed by the PRA under these Regulations.

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