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- Original (As enacted)
This is the original version (as it was originally enacted).
(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;”.
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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.
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