SCHEDULES
SCHEDULE 4Extension of relevant authorised persons regime to all authorised persons
Amendments of Financial Services and Markets Act 2000
I1I22I42I63I84I1051
The Financial Services and Markets Act 2000 is amended as follows.
I2I23I43I64I85I1062
1
Section 59 (approval for particular arrangements) is amended as follows.
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).
I3I24I44I65I86I1073
After 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).
I4I25I45I66I87I1084
1
Section 60 (applications for approval) is amended as follows.
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).
I5I26I46I67I88I1095
1
Section 60A (vetting of candidates by relevant authorised persons) is amended as follows.
2
In the heading omit “relevant”.
3
In subsection (1) for “a relevant” substitute “
an
”
.
4
Omit subsection (3).
I6I27I47I68I89I1106
1
Section 61 (determination of applications) is amended as follows.
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).
I7I28I48I69I90I1117
In section 62A(4) (changes in responsibilities of senior managers - definitions) omit the definition of “designated senior management function”.
I8I29I49I70I91I1128
In 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).
I9I30I50I71I92I1139
In the heading of section 63ZA (variation of senior manager's approval at request of relevant authorised person) omit “relevant”.
I10I31I51I72I93I11410
1
Section 63ZB (variation of senior manager's approval on initiative of regulator) is amended as follows.
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).
I11I52I73I104I125I12711
1
Section 63E (certification of employees by relevant authorised persons) is amended as follows.
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).
I12I32I53I74I94I11512
1
Section 63F (issuing of certificates) is amended as follows.
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
”
.
I13I33I54I75I95I11613
1
Section 64A (rules of conduct) is amended as follows.
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”.
I14I34I55I76I96I11714
1
Section 64B (conduct rules) is amended as follows.
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).
I15I35I56I77I97I11815
1
Section 64C (requirement to notify regulator of disciplinary action) is amended as follows.
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).
I16I36I57I78I98I11916
1
Section 66A (misconduct: action by FCA) is amended as follows.
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).
I17I37I58I79I99I12017
1
Section 66B (misconduct: action by PRA) is amended as follows.
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).
I18I38I59I80I100I121I126I12818
Omit section 71A (meaning of “relevant authorised person”).
I19I39I60I81I101I12219
1
Section 347 (record of authorised persons etc) is amended as follows.
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.
”
I20I40I61I82I102I12320
In 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).
”
I21I41I62I83I103I12421
In section 429(1)(a) (orders subject to affirmative resolution procedure) omit “71A(4),”.