F12[21.—(1) A regulated financial service provider shall not permit a person to perform a controlled function in relation to it unless a certificate of compliance with standards of fitness and probity, given by the regulated financial service provider in accordance with this section, is in force in relation to the person.

(2) A holding company shall not permit a person to perform a controlled function in relation to it unless a certificate of compliance with standards of fitness and probity, given by the holding company in accordance with this section, is in force in relation to the person.

(3) A certificate may be given for the purposes of subsection (1) or (2) only if—

(a) the regulated financial service provider or holding company giving the certificate is satisfied on reasonable grounds that the person concerned complies with any standard of fitness and probity in a code issued under section 50, and

(b) the person has agreed in writing to comply with any such standard.

(4) A regulated financial service provider or holding company that has given a certificate for the purposes of subsection (1) or (2) shall revoke the certificate if it ceases to be satisfied on reasonable grounds that the person concerned complies with any standard of fitness and probity referred to in subsection (3).

(5) The Bank may take into account standards of fitness and probity referred to in subsection (3) when performing its functions and exercising its powers.

(6) The Bank may make regulations—

(a) as to the giving of certificates for the purposes of subsections (1) and (2), and

(b) as to the making of reports to the Bank by regulated financial service providers or holding companies in connection with their obligations under this section (including, in particular, reports on disciplinary action relevant to compliance with standards of fitness and probity).

(7) Without prejudice to the generality of subsection (6)(a), regulations under subsection (6) may make provision as to—

(a) the form and content of a certificate,

(b) the period of validity of a certificate,

(c) procedures, systems and checks to be adopted by regulated financial service providers or holding companies for the purposes of subsections (3)(a) and (4) or otherwise in connection with the giving or revoking of a certificate, and

(d) the form and content of the agreement required by subsection (3)(b).

(8) The Bank shall give to the Minister a copy of any regulations made by it under subsection (6) as soon as practicable after the regulations are made.]