Central Bank Reform Act 2010

27.

Effect of suspension notices.

27.— (1) A regulated financial service provider 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 on whom a suspension notice is served shall comply with any condition imposed on the regulated financial service provider by the notice.

(3) A suspended person on whom a suspension notice in relation to him or her is served, or who has been given a copy of such a notice by a regulated financial service provider shall cease performing, or (as the case requires) shall not begin to perform—

( a) the particular controlled function concerned,

( b) the specified part of the controlled function concerned, or

( c) all controlled functions,

as specified in the relevant suspension notice.

(4) A suspension notice does not alter the contractual rights of any person to remuneration or benefits. Those rights shall continue to be determined in accordance with the relevant contract.