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Bank of England and Financial Services Act 2016

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This is the original version (as it was originally enacted).

24Rules of conduct

This section has no associated Explanatory Notes

(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.

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