Paragraph 20 Amendments to FSMA 2000I1

United Kingdom

(1)

Schedule 17A (further provision in relation to exercise of Part 18 functions by Bank of England) is amended as follows.

(2)

After paragraph 6 insert—

“6A
(1)
If the Bank makes a Part 18 prohibition order relating to an individual, the Bank must—
(a)
provide the FCA with information falling within section 347(2)(f) in relation to the order, and
(b)
where the FCA has notified the Bank that it considers it appropriate to include in the record maintained under section 347 information of a certain description, disclose to the FCA such information of that description relating to the order or the individual as the Bank has in its possession.
(2)
The duty to provide information under sub-paragraph (1)—
(a)
does not apply to information which the Bank reasonably believes is in the possession of the FCA;
(b)
does not require or authorise the disclosure of information whose disclosure is prohibited by or under section 348;
(c)
is without prejudice to any other power of the Bank to disclose information.”

(3)

In paragraph 14(2) (investigations)—

(a)

in paragraph (b), for “clearing house or central securities depository” substitute “person”;

(b)

at the end insert—

“(i)
an individual may not be a fit and proper person to perform functions in relation to an activity carried on by a relevant recognised body;
(j)
an individual may have performed, or agreed to perform, a function in breach of a Part 18 prohibition order;
(k)
a relevant recognised body may have failed to comply with section 309F (1);
(l)
a relevant recognised body may have failed to comply with section 309G (1);
(m)
a person in relation to whom the Bank has given approval under section 309G may not be a fit and proper person to perform the function to which that approval relates;
(n)
a person may have performed a designated senior management function without approval under section 309G (see section 309U (3));
(o)
a person may be guilty of misconduct for the purposes of section 309Z2.”

(4)

In paragraph 22 (application of section 347 to the Bank)—

(a)

the words after “etc)” become paragraph (a);

(b)

after that paragraph insert—

“(b)
so far as it relates to approved persons, applies in relation to the Bank as if references in that section to an approved person were to a person in relation to whom the Bank has given approval under section 309G.”

(5)

In paragraph 29 (notices)—

(a)

the words after “(notices) apply” become paragraph (a);

(b)

in that paragraph, after “192L,” insert “309C, 309D, 309M, 309P, 309V, 309Z4,”;

(c)

after that paragraph insert—

“(b)
in relation to a notice under section 309R (5), (8) or (10)(b) as they apply in relation to such a notice given by the FCA under those provisions.”

(6)

In paragraph 31(1) (proceedings for an offence), after paragraph (c) insert—

“(ca)
an offence under section 309E;”.

(7)

In paragraph 36 (fees), after sub-paragraph (4) insert—

“(5)
The power conferred by this paragraph may not be used to require a fee to be paid by any person whose application under section 309I for approval under section 309G has been granted.”

Annotations

Commencement

I1: Sch. 10 para. 20 in force at Royal Assent for specified purposes, see s. 86(1)(e)