OpenLegislation

Paragraph 14 I1I2

(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.”

Annotations

Commencement

I1

Sch. 5 para. 14 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2

I2

Sch. 5 para. 14 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.