PART 4Conduct of persons working in financial services sector

Amendments of FSMA 2000

I128Extension of limitation periods for imposing sanctions

1

Section 63A of FSMA 2000 (power to impose penalties) is amended as follows.

2

In subsection (4), for “period of three years” substitute “ relevant period ”.

3

After subsection (5A) insert—

5B

The relevant period” is—

a

in relation to the performance of a controlled function without approval before the day on which this subsection comes into force, the period of 3 years, and

b

in relation to the performance of a controlled function without approval on or after that day, the period of 6 years.

4

Section 66 of FSMA 2000 (disciplinary powers) is amended as follows.

5

In subsection (4), for “period of three years” substitute “ relevant period ”.

6

After subsection (5) insert—

5ZA

The relevant period” is—

a

in relation to misconduct which occurs before the day on which this subsection comes into force, the period of 3 years, and

b

in relation to misconduct which occurs on or after that day, the period of 6 years.