PART 2Financial services

Conduct of persons working in financial services sector

I124Rules of conduct

1

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

2

In section 64A (power of FCA and PRA to make rules of conduct)—

a

in subsection (1) after paragraph (b) insert—

c

persons who are directors of authorised persons.

b

in subsection (2) after paragraph (c) insert—

d

persons who are directors of PRA-authorised persons.

c

omit the “and” at the end of subsection (5)(a);

d

after subsection (5)(a) insert—

ab

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

e

after subsection (6) insert—

7

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.

3

In section 64B (responsibilities of authorised persons in relation to rules of conduct)—

a

omit the “and” at the end of subsection (4)(a);

b

at the end of subsection (4)(b) insert

, and

c

any person who is a director of the authorised person.

c

omit subsection (5);

d

after subsection (6) insert—

6A

In this section “director”, in relation to an authorised person, has the same meaning as in section 64A.