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PART 2E+W+S+N.I.Financial services

Conduct of persons working in financial services sectorE+W+S+N.I.

25MisconductE+W+S+N.I.

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

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

(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)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 a PRA-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 PRA-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;.

Annotations:

Commencement Information

I1S. 25(1)(2)(e)(f)(g)(3)(e)(f)(g) in force at 10.5.2016 by S.I. 2016/569, reg. 2

I2S. 25(2)(a)-(d)(h)(3)(a)-(d)(h) in force at 6.7.2016 by S.I. 2016/627, reg. 2(1)(s)