SCHEDULES

Section 21

SCHEDULE 4E+W+S+N.I.Extension of relevant authorised persons regime to all authorised persons

Amendments of Financial Services and Markets Act 2000E+W+S+N.I.

1The Financial Services and Markets Act 2000 is amended as follows.

Annotations:

Commencement Information

I1Sch. 4 para. 1 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I2Sch. 4 para. 1 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

2(1)Section 59 (approval for particular arrangements) is amended as follows.E+W+S+N.I.

(2)For subsection (6A) substitute—

(6A)If the FCA is satisfied that a function of a description specified in rules made by the FCA under subsection (3)(a) or (b) is a senior management function as defined in section 59ZA, the FCA must designate the function in the rules as a senior management function.

(3)Omit subsections (6B) and (6C).

Annotations:

Commencement Information

I3Sch. 4 para. 2 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I4Sch. 4 para. 2 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

3After section 59ZA insert—

59ZBDesignated senior management functions

For the purposes of this Part the following are “designated senior management functions”—

(a)a function of a description specified in rules made by the FCA under section 59(3)(a) or (b) which is designated as a senior management function by the FCA under section 59(6A);

(b)a function of a description specified in rules made by the PRA under section 59(3)(a).

Annotations:

Commencement Information

I5Sch. 4 para. 3 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I6Sch. 4 para. 3 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

4(1)Section 60 (applications for approval) is amended as follows.E+W+S+N.I.

(2)In subsection (2A), omit—

(a)the “and” at the end of paragraph (a);

(b)paragraph (b).

(3)Omit subsection (2C).

(4)Omit subsection (6A).

Annotations:

Commencement Information

I7Sch. 4 para. 4 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I8Sch. 4 para. 4 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

5(1)Section 60A (vetting of candidates by relevant authorised persons) is amended as follows.E+W+S+N.I.

(2)In the heading omit “relevant”.

(3)In subsection (1) for “a relevant” substitute “ an ”.

(4)Omit subsection (3).

Annotations:

Commencement Information

I9Sch. 4 para. 5 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I10Sch. 4 para. 5 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

6(1)Section 61 (determination of applications) is amended as follows.E+W+S+N.I.

(2)In subsection (1)(b), omit from “in relation” to “ “relevant senior” and insert “(a “ senior ”.

(3)In subsections (2B) and (3ZA) omit “relevant”.

(4)Omit subsections (6) and (7).

Annotations:

Commencement Information

I11Sch. 4 para. 6 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I12Sch. 4 para. 6 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

7In section 62A(4) (changes in responsibilities of senior managers - definitions) omit the definition of “designated senior management function”.

Annotations:

Commencement Information

I13Sch. 4 para. 7 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I14Sch. 4 para. 7 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

8In section 63(2A) (authorised person's duty to review approvals)—

(a)omit “relevant” in the first place it occurs;

(b)omit the words after paragraph (b).

Annotations:

Commencement Information

I15Sch. 4 para. 8 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I16Sch. 4 para. 8 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

9In the heading of section 63ZA (variation of senior manager's approval at request of relevant authorised person) omit “relevant”.

Annotations:

Commencement Information

I17Sch. 4 para. 9 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I18Sch. 4 para. 9 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

10(1)Section 63ZB (variation of senior manager's approval on initiative of regulator) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “a relevant” substitute “ an ”.

(3)In subsection (2)—

(a)for “a relevant” substitute “ an ”;

(b)in paragraph (a)(ii) omit “relevant”.

(4)Omit subsections (5) and (6).

Annotations:

Commencement Information

I19Sch. 4 para. 10 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I20Sch. 4 para. 10 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

11(1)Section 63E (certification of employees by relevant authorised persons) is amended as follows.E+W+S+N.I.

(2)In the heading omit “relevant”.

(3)In subsection (1), for “A relevant” substitute “ An ”.

(4)In subsection (3) for “a relevant”, in each place it occurs, substitute “ an ”.

(5)In subsection (4) omit “relevant” in each place it occurs.

(6)In subsection (6)(b) omit “relevant”.

(7)In subsection (8) omit the definition of “relevant PRA-authorised person”.

(8)Omit subsection (10).

Annotations:

Commencement Information

I21Sch. 4 para. 11 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

12(1)Section 63F (issuing of certificates) is amended as follows.E+W+S+N.I.

(2)In subsection (1) for “A relevant” substitute “ An ”.

(3)In subsection (2) omit “relevant”.

(4)In subsection (4) for “a relevant” substitute “ an ”.

(5)In subsection (6) for “a relevant” substitute “ an ”.

(6)In subsection (7) for “A relevant” substitute “ An ”.

Annotations:

Commencement Information

I22Sch. 4 para. 12 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I23Sch. 4 para. 12 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

13(1)Section 64A (rules of conduct) is amended as follows.E+W+S+N.I.

(2)In subsection (1)(b), for the words from “relevant” to the end substitute “ authorised persons ”.

(3)In subsection (2)(c) omit “relevant”.

(4)In subsection (3) omit the definition of “relevant PRA-authorised person”.

Annotations:

Commencement Information

I24Sch. 4 para. 13 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I25Sch. 4 para. 13 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

14(1)Section 64B (conduct rules) is amended as follows.E+W+S+N.I.

(2)In the heading omit “relevant”.

(3)In subsection (2) omit “relevant” in the first place it occurs.

(4)In subsection (3) for “a relevant” substitute “ an ”.

(5)Omit subsection (7).

Annotations:

Commencement Information

I26Sch. 4 para. 14 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I27Sch. 4 para. 14 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

15(1)Section 64C (requirement to notify regulator of disciplinary action) is amended as follows.E+W+S+N.I.

(2)In the heading omit “relevant”.

(3)In subsection (1)—

(a)in paragraph (a) for “a relevant”, in the first place it occurs, substitute “ an ”;

(b)in the words after paragraph (b) omit “relevant”.

(4)In subsection (3)—

(a)in paragraph (a) omit “relevant authorised persons that are”;

(b)in paragraph (b) omit “relevant”.

(5)Omit subsection (5).

Annotations:

Commencement Information

I28Sch. 4 para. 15 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I29Sch. 4 para. 15 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

16(1)Section 66A (misconduct: action by FCA) is amended as follows.E+W+S+N.I.

(2)In subsection (2)(b)(ii) for “a relevant” substitute “ an ”.

(3)In subsection (3)(b)(ii) omit “in the case of a relevant authorised person,”.

(4)In subsection (5)(a) for “a relevant” substitute “ an ”.

(5)In subsection (7)—

(a)in the definition of “senior manager”, for “a relevant” substitute “ an ”;

(b)omit the definition of “designated senior management function”.

(6)Omit subsection (9).

Annotations:

Commencement Information

I30Sch. 4 para. 16 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I31Sch. 4 para. 16 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

17(1)Section 66B (misconduct: action by PRA) is amended as follows.E+W+S+N.I.

(2)In subsection (2)(b)(ii) omit “relevant”.

(3)In subsection (3)(b), for sub-paragraph (ii) substitute—

(ii)an employee of the PRA-authorised person.

(4)In subsection (5)(a) omit “relevant”.

(5)In subsection (7)—

(a)in the definition of “senior manager”, omit “relevant”;

(b)omit the definition of “designated senior management function”.

(6)In subsection (8) omit the definition of “relevant PRA-authorised person”.

(7)Omit subsection (9).

Annotations:

Commencement Information

I32Sch. 4 para. 17 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I33Sch. 4 para. 17 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

18Omit section 71A (meaning of “relevant authorised person”).

Annotations:

Commencement Information

I34Sch. 4 para. 18 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I35Sch. 4 para. 18 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

19(1)Section 347 (record of authorised persons etc) is amended as follows.E+W+S+N.I.

(2)In subsection (2)—

(a)in paragraph (g)(iv), omit “in a case where the authorised person concerned is a relevant authorised person,”;

(b)in paragraph (h) for “a relevant” substitute “ an ”.

(3)In subsection (8A)—

(a)omit the definition of “relevant authorised person”;

(b)in the definition of “senior manager”, for “a relevant” substitute “ an ”;

(c)in the definition of “designated senior management function”, for the words from “means” to the end substitute “ has the meaning given by section 59ZB. ”

Annotations:

Commencement Information

I36Sch. 4 para. 19 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I37Sch. 4 para. 19 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

20In section 415B(5) (consultation in relation to enforcement action), in the definition of “relevant senior management function”, for the words from “has been” to the end substitute “ is a designated senior management function as defined by section 59ZB). ”

Annotations:

Commencement Information

I38Sch. 4 para. 20 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I39Sch. 4 para. 20 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)

21In section 429(1)(a) (orders subject to affirmative resolution procedure) omit “71A(4),”.

Annotations:

Commencement Information

I40Sch. 4 para. 21 in force at 13.9.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(2) (with regs. 3-6)

I41Sch. 4 para. 21 in force at 10.12.2018 for specified purposes by S.I. 2018/990, reg. 2(1)(3) (with regs. 3-6)