Section 312FA(2)

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.

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Source: legislation.gov.uk · retrieved 2026-09-04