Financial Services and Markets Act 2023
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Change 1
60 Formerly authorised persons
(1) FSMA 2000 is amended as follows. (2) In section 404C after “(which” insert “, subject to section 415AA(1),”. (3) After section 415A insert— Application of powers to formerly authorised persons 415AA (1) A power in the following provisions may be exercised in relation to persons who were at any time authorised persons (in addition to persons who are authorised persons at the time when the power is exercised)— (a) section 168 (appointment of investigators in certain cases); (b) section 205 (public censure); (c) section 206 (financial penalties); (d) section 384 (power to require restitution). (2) Accordingly, references in the provisions listed in subsection (1), and in sections 207 to 209, to an authorised person are (so far as appropriate) to be read as including a person who was at any time an authorised person but who has ceased to be an authorised person. (4) The amendments made by this section have effect only in relation to persons who cease to be authorised persons on or after 20 July 2022.
60 Formerly authorised persons
(1) FSMA 2000 is amended as follows. (2) In section 404C after “(which” insert “, subject to section 415AA(1),”. (3) After section 415A insert— Application of powers to formerly authorised persons 415AA (1) A power in the following provisions may be exercised in relation to persons who were at any time authorised persons (in addition to persons who are authorised persons at the time when the power is exercised)— (a) section 168 (appointment of investigators in certain cases); (b) section 205 (public censure); (c) section 206 (financial penalties); (d) section 384 (power to require restitution). (2) Accordingly, references in the provisions listed in subsection (1), and in sections 207 to 209, to an authorised person are (so far as appropriate) to be read as including a person who was at any time an authorised person but who has ceased to be an authorised person. (4) The amendments made by this section have effect only in relation to persons who cease to be authorised persons on or after 20 July 2022.
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