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))

F1Conduct of approved persons and others

Annotations:
Amendments (Textual)
F1

Ss. 64A, 64B and cross-heading inserted (25.7.2014 for specified purposes, 7.3.2016 for specified purposes) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 30(3), 148(5); S.I. 2014/1819, art. 2(2)(c); S.I. 2015/490, art. 2(1)(d) (as inserted by S.I. 2015/2055, art. 2(4) and with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

64ARules of conduct

1

If it appears to the FCA to be necessary or expedient for the purpose of advancing one or more of its operational objectives, the FCA may make rules about the conduct of the following persons—

a

persons in relation to whom either regulator has given its approval under section 59;

b

persons who are employees of F7authorised persons.

F3c

persons who are directors of authorised persons.

2

If it appears to the PRA to be necessary or expedient for the purpose of advancing any of its objectives, the PRA may make rules about the conduct of the following persons—

a

persons in relation to whom it has given its approval under section 59;

b

persons in relation to whom the FCA has given its approval under section 59 in respect of the performance by them of a relevant senior management function in relation to the carrying on by a PRA-authorised person of a regulated activity;

c

persons who are employees of F8... PRA-authorised persons.

F4d

persons who are directors of PRA-authorised persons.

3

In subsection (2)—

  • F9...

  • “relevant senior management function” means a function which the PRA is satisfied is a senior management function as defined in section 59ZA (whether or not the function has been designated as such by the FCA).

4

Rules made under this section must relate to the conduct of persons in relation to the performance by them of qualifying functions.

5

In subsection (4) “qualifying function”, in relation to a person, means a function relating to the carrying on of activities (whether or not regulated activities) by—

a

in the case of an approved person, the person on whose application approval was given, F5...

F6ab

in the case of a person who is a director of an authorised person but is not an approved person, that authorised person, and

b

in any other case, the person's employer.

6

In this section any reference to an employee of a person (“P”) includes a reference to a person who—

a

personally provides, or is under an obligation personally to provide, services to P under an arrangement made between P and the person providing the services or another person, and

b

is subject to (or to the right of) supervision, direction or control by P as to the manner in which those services are provided,

and “employer” is to be read accordingly.

F27

In this section “director”, in relation to an authorised person, means a member of the board of directors, or if there is no such board, the equivalent body responsible for the management of the authorised person concerned.