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Section 312FA: Central securities depositories: further disciplinary measures

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

Part XVIII: Recognised investment exchanges, clearing houses , CSDs and other parties — CHAPTER 3B: Disciplinary measures in respect of recognised bodies

If the Bank of England considers that a contravention by a recognised CSD of a relevant requirement occurred with the consent or connivance of, or was attributable to any neglect on the part of, a member of the management body or other person who effectively controls the business of the recognised CSD, the Bank of England may do one or both of the following—

publish a statement to that effect;
impose on that person a penalty, in respect of the contravention, of such amount as it considers appropriate.

If the Bank of England considers that a member of the management body or other person who effectively controls the business of a recognised CSD is responsible for a contravention by the central securities depository of a relevant requirement, it may do one or more of the following—

publish a statement to that effect;
impose on that person a penalty, in respect of the contravention, of such amount as it considers appropriate;
prohibit that person from holding an office or position involving responsibility for taking decisions about the management of the recognised CSD.

A prohibition under subsection (2)(c) may apply—

for a specified period,
until further notice, or
for repeated serious contraventions, permanently.

The Bank of England may, on the application of the person subject to a prohibition under subsection (2)(c), vary or revoke the prohibition.

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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.