Section 38

The appropriate regulator may require an investment firm, credit institution, or recognised investment exchange to remove a person from the management board if the regulator considers it necessary for the purpose of the exercise by it of functions under— these Regulations; the markets in financial instruments regulation; EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018) made under the markets in financial instruments directive which forms part of assimilated law ; or the Act, which correspond to functions under the markets in financial instruments directive. For the purposes of this Part “the appropriate regulator” means— in a case where an investment firm or credit institution is a PRA-authorised person, the FCA or PRA; in any other case, the FCA. The FCA must consult the PRA before requiring an investment firm or credit institution which is a PRA-authorised person to remove a person from the management board under paragraph (1). In this regulation “PRA-authorised person” has the same meaning as in section 2B(5) (the PRA's general objective) of the Act.

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