Search Legislation

Bank of England and Financial Services Act 2016

Status:

This is the original version (as it was originally enacted).

Section 21

SCHEDULE 4Extension of relevant authorised persons regime to all authorised persons

This schedule has no associated Explanatory Notes

Amendments of Financial Services and Markets Act 2000

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

2(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).

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).

4(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).

5(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).

6(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).

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

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).

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

10(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).

11(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).

12(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”.

13(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”.

14(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).

15(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).

16(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).

17(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).

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

19(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.”

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).”

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

Consequential amendments of Financial Services (Banking Reform) Act 2013

22(1)The Financial Services (Banking Reform) Act 2013 is amended as follows.

(2)Omit section 18(4) (which inserts the subsections substituted or omitted by paragraph 2).

(3)Omit section 20(3) (which inserts the subsection omitted by paragraph 4(4)).

(4)Omit section 23(6) (which inserts the subsections omitted by paragraph 6(4)).

(5)Omit section 33 (which inserts the section omitted by paragraph 18).

(6)For section 37(8) (interpretation) substitute—

(8)Senior management function” means—

(a)a function of a description specified in rules made by the FCA under section 59(3)(a) or (b) of FSMA 2000 which is designated as a senior management function by the FCA under section 59(6A) of that Act;

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

(7)Omit section 136(2)(a) (which inserts the words omitted by paragraph 21).

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources