(1)The Financial Services and Markets Act 2000 is amended as follows.
(2)In section 66A (misconduct: action by FCA)—
(a)omit the “or” at the end of subsection (2)(b)(i);
(b)at the end of subsection (2)(b)(ii) insert “, or
(iii)a director of an authorised person.”;
(c)omit the “or” at the end of subsection (3)(b)(i);
(d)at the end of subsection (3)(b)(ii) insert “, or
(iii)a director of the authorised person.”;
(e)omit the “and” at the end of subsection (5)(b);
(f)at the end of subsection (5)(c) insert “, and
(d)the senior manager did not take such steps as a person in the senior manager's position could reasonably be expected to take to avoid the contravention occurring (or continuing).”;
(g)omit subsection (6);
(h)in subsection (8) after the definition of “approved person” insert—
““director”, in relation to an authorised person, has the same meaning as in section 64A;”.
(3)In section 66B (misconduct: action by PRA)—
(a)omit the “or” at the end of subsection (2)(b)(i);
(b)at the end of subsection (2)(b)(ii) insert “, or
(iii)a director of a PRA-authorised person.”;
(c)omit the “or” at the end of subsection (3)(b)(i);
(d)at the end of subsection (3)(b)(ii) insert “, or
(iii)a director of the PRA-authorised person.”;
(e)omit the “and” at the end of subsection (5)(b);
(f)at the end of subsection (5)(c) insert “, and
(d)the senior manager did not take such steps as a person in the senior manager's position could reasonably be expected to take to avoid the contravention occurring (or continuing).”;
(g)omit subsection (6);
(h)in subsection (8) after the definition of “approved person” insert—
““director”, in relation to an authorised person, has the same meaning as in section 64A;”.
Commencement Information
I1S. 25(1)(2)(e)(f)(g)(3)(e)(f)(g) in force at 10.5.2016 by S.I. 2016/569, reg. 2
I2S. 25(2)(a)-(d)(h)(3)(a)-(d)(h) in force at 6.7.2016 by S.I. 2016/627, reg. 2(1)(s)