# Financial Services Act 2012, Paragraph 14


(1) Section 66 (disciplinary powers) is amended as follows.
(2) In subsection (1)—
(a) in the opening words—
(i) for “The Authority” substitute “ A regulator ”, and
(ii) after “this section” insert “ (whether or not it has given its approval in relation to the person) ”, and
(b) in paragraphs (a) and (b), for “ Authority” substitute “ regulator ”.
(3) For subsection (2) substitute—
“(2) For the purposes of action by the FCA, a person is guilty of misconduct if, while an approved person—
(a) the person has failed to comply with a statement of principle issued by the FCA under section 64, or
(b) the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person—
(i) by or under this Act, or
(ii) by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.
(2A) For the purposes of action by the PRA, a person is guilty of misconduct if, while an approved person in respect of the performance of a significant-influence function in relation to the carrying on by a PRA-authorised person of a regulated activity—
(a) the person has failed to comply with a statement of principle issued by the PRA under section 64, or
(b) the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person—
(i) by or under this Act, or
(ii) by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.”
(4) In subsection (3), for “Authority” substitute “ regulator ”.
(5) In subsection (3D), for “The Authority” substitute “ The regulator taking action under this section ”.
(6) In subsection (4)—
(a) for “The Authority”, in the first place, substitute “ A regulator ”, and
(b) for “the Authority”, in the second place, substitute “ the regulator ”.
(7) In subsection (5)(a), for “the Authority” substitute “ a regulator ”.
(8) For subsection (6) substitute—
“(6) Approved person” means a person in relation to whom an approval is given under that section.”

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Source: https://www.legislation.gov.uk/ukpga/2012/21/schedule/5/paragraph/14 (the official version)
Page: https://openlegislation.uk/financial-services-act-2012/schedule-5/paragraph-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.