Bank of England and Financial Services Act 2016
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Change 1
25 Misconduct
(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; .
25 Misconduct
(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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