C1C2C3 Part V Performance of Regulated Activities

Annotations:
Modifications etc. (not altering text)
C1

Pt. 5 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))

F1Certification of employees

Annotations:
Amendments (Textual)
F1

Ss. 63E, 63F inserted (25.7.2014 for specified purposes, 7.3.2016 for the insertion of s. 63F otherwise, 7.3.2017 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 29, 148(5); S.I. 2014/1819, art. 2(2)(b); S.I. 2015/490, art. 2(1)(a)(2) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

63FIssuing of certificates

1

F2An authorised person may issue a certificate to a person under this section only if the authorised person is satisfied that the person is a fit and proper person to perform the function to which the certificate relates.

2

In deciding whether the person is a fit and proper person to perform the function, the F3... authorised person must have regard, in particular, to whether the person—

a

has obtained a qualification,

b

has undergone, or is undergoing, training,

c

possesses a level of competence, or

d

has the personal characteristics,

required by general rules made by the appropriate regulator in relation to employees performing functions of that kind.

3

In subsection (2) “the appropriate regulator” means—

a

in relation to employees of PRA-authorised persons, the FCA or the PRA, and

b

in relation to employees of any other authorised person, the FCA.

4

A certificate issued by F4an authorised person to a person under this section must—

a

state that the authorised person is satisfied that the person is a fit and proper person to perform the function to which the certificate relates, and

b

set out the aspects of the affairs of the authorised person in which the person will be involved in performing the function.

5

A certificate issued under this section is valid for a period of 12 months beginning with the day on which it is issued.

6

If, after having considered whether a person is a fit and proper person to perform a specified function, F5an authorised person decides not to issue a certificate to the person under this section, the authorised person must give the person a notice in writing stating—

a

what steps (if any) the authorised person proposes to take in relation to the person as a result of the decision, and

b

the reasons for proposing to take those steps.

7

F6An authorised person must maintain a record of every employee who has a valid certificate issued by it under this section.

8

Expressions used in this section and in section 63E have the same meaning in this section as they have in that section.