AI Summary of 27. Effect of suspension notices.
Where a suspension notice is served on a regulated financial service provider or holding company, the provider or holding company shall immediately remove the suspended person from performing the particular controlled function, the specified part of that controlled function, or all controlled functions as set out in the notice, or shall not appoint the suspended person to carry out the specified function or part. The provider or holding company must also comply with any terms and conditions imposed by the notice.
A suspended person who is served with, or given a copy of, a suspension notice shall cease performing, or shall not begin to perform, the particular controlled function, the specified part of it, or all controlled functions as specified in the notice. A suspension notice does not alter contractual rights to remuneration or benefits, which continue to be determined in accordance with the relevant contract.
27. Effect of suspension notices.
(1) A regulated financial service provider or holding company on whom a suspension notice is served -
(a) shall immediately remove the suspended person concerned from performing -
(i) the particular controlled function concerned,
(ii) the specified part of the controlled function concerned, or
(iii) all controlled functions,
as specified in the notice, or
(b) shall not appoint the suspended person to carry out the controlled function or part, or any controlled function, as specified in the notice,
as the case requires.
(2) A regulated financial service provider or holding company on whom a suspension notice is served shall comply with any terms and conditions imposed on the regulated financial service provider or holding company by the notice.