Managing Regulatory Risk in High Court Litigation – FSA Prohibitions and Disciplinary Proceedings Part II – The FSA Disciplinary and Enforcement Regime – 11 KBW

Posted June 7th, 2012 in financial regulation, news by sally

“The FSA issued the Verrier Prohibition under its powers under section 56 of the Financial Services and Markets Act 2000 (the ‘FSMA’). Section 56 confers power, when ‘it appears to the [FSA] that an individual is not a fit and proper person to perform functions in relation to a regulated activity carried on by an authorised person’ to: ‘…make an order (“a prohibition order”) prohibiting the individual from performing a specified function, any function falling within a specified description or any function’.”

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11 KBW, 1st June 2012