234. Prohibition Orders
(1) The Regulator may make a Prohibition Order if it appears to it that an individual is not a fit and proper person to perform any function in relation to a Regulated Activity carried on by an Authorised Person.
(2) A Prohibition Order may relate to —
(a) a Specified Regulated Activity, any Regulated Activity falling within a Specified description or all Regulated Activities; and
(b) all Authorised Persons or all persons within a Specified class of Authorised Person.
(3) An individual who performs or agrees to perform a function in breach of a Prohibition Order contravenes these Regulations.
(4) In proceedings in relation to a contravention committed under subsection (3) it is a defence for the individual to show that he took all reasonable precautions and exercised all due diligence to avoid committing the contravention.
(5) The Regulator may, on the application of the individual named in the order, vary or revoke a Prohibition Order that it has made.
|Amended on (13 January, 2020).|