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Section 123B: Suspending permission to carry on regulated activities etc

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part VIII: Provisions relating to market abuse

The FCA may exercise its power under subsection (2) if it is satisfied that an authorised person—

has contravened Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) or Article 15 (prohibition of market manipulation) of the market abuse regulation;
has contravened, or been knowingly concerned in the contravention of—
a provision of the market abuse regulation other than Article 14 and 15 of that regulation;
a provision of any supplementary market abuse legislation; or
has contravened a requirement imposed on that person under this section or section 122A, 122B, 122C, 122G, 122H, 122HA, 122I , 122IA or 123A.

The FCA's power under this subsection is a power to do either or both of the following —

to suspend, for such period as it considers appropriate, any permission which the person has to carry on a regulated activity;
to impose, for such period as it considers appropriate, such limitations or other restrictions in relation to the carrying on of a regulated activity by the person as it considers appropriate.

In subsection (2) "permission" means any permission that the authorised person has, whether given (or treated as given) by the FCA or the PRA or conferred by any provision of this Act.

The period for which a suspension or restriction is to have effect may not exceed 12 months.

A suspension may relate only to the carrying on of an activity in specified circumstances.

A restriction may, in particular, be imposed so as to require the person concerned to take, or refrain from taking, specified action.

The FCA may—

withdraw a suspension or restriction; or
vary a suspension or restriction so as to reduce the period for which it has effect or otherwise to limit its effect.

The power under this section may (but need not) be exercised so as to have effect in relation to all the regulated activities that the person concerned carries on.

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.