Section 25 Misconduct

United Kingdom

I1(1)

The Financial Services and Markets Act 2000 is amended as follows.

(2)

In section 66A (misconduct: action by FCA)—

I2(a)

omit the “or” at the end of subsection (2)(b)(i);

(b)

at the end of subsection (2)(b)(ii) insert

“, or
(iii)
a director of an authorised person.”;

(c)

omit the “or” at the end of subsection (3)(b)(i);

(d)

at the end of subsection (3)(b)(ii) insert

“, or
(iii)
a director of the authorised person.”;

(e)

omit the “and” at the end of subsection (5)(b);

(f)

at the end of subsection (5)(c) insert

“, and
(d)
the senior manager did not take such steps as a person in the senior manager's position could reasonably be expected to take to avoid the contravention occurring (or continuing).”;

(g)

omit subsection (6);

(h)

in subsection (8) after the definition of “approved person” insert—

““director”, in relation to an authorised person, has the same meaning as in section 64A;”.

(3)

In section 66B (misconduct: action by PRA)—

(a)