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SSR 5.9 Procedure for using the prohibition power

13/07/2026G
  1. (1) If the FCA considers that a notifying person does not satisfy the criteria to use the market maker exemption, the FCA will inform the notifying person via written notice of the reasons why it is proposing to prohibit the notifying person from using the market maker exemption.
  2. (2) The notifying person will be given the opportunity to make written representations to the FCA in response to the notice concerning their use of the market maker exemption.
  3. (3) The FCA will decide whether to prohibit the notifying person’s use of the market maker exemption, having regard to the notifying person’s notification and any written representations. The decision to prohibit the use of the market maker exemption will be made by senior staff members of the FCA who were not involved in the initial consideration of the notification, and will be communicated to the person as a further written notice.
  4. (4) If the notifying person is not satisfied with the FCA’s decision to prohibit their use of the market maker exemption, they may seek a review of the decision. This will be conducted by at least 3 senior staff members of the FCA. None of the staff conducting the review will have been connected with the earlier decision taken in respect the notifying person’s use of the market maker exemption. The outcome of the review will be determined within 3 months of the decision referred to in (3) and will be communicated to the person as a final written notice.

Procedure for using the prohibition power for persons not providing an attestation

13/07/2026G

Where a person does not provide an attestation under SSR 5.6.1R, the process in SSR 5.9.1G applies as modified below:

  1. (1) The notice under SSR 5.9.1G(1) will specify that, in accordance with SSR 5.6.6G, the FCA has taken the person’s failure to provide the attestation required by SSR 5.6.1R as an indication that the person no longer considers themselves to qualify for the market maker exemption and has therefore initiated the procedure to prohibit their use of the market maker exemption.
  2. (2) The person will be given only 15 calendar days to make written representations to the FCA in response to the notice.
  3. (3) Where the person does not respond to the notice within the period of 15 calendar days, the FCA will decide to prohibit the notifying person’s use of the market maker exemption.
  4. (4) The decision to prohibit the use of the market maker exemption in these circumstances will be made by a senior staff member of the FCA.
13/07/2026G

For the avoidance of doubt, if the person does respond to the notice issued under SSR 5.9.1G(1) within the period of 15 calendar days, the procedure in SSR 5.9.1G(3) and (4) then applies.