Section 38(1)

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.

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