PART 2Financial services
Conduct of persons working in financial services sector
25Misconduct
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;