Financial Services (Banking Reform) Act 2013
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Change 1
18 Functions for which approval is required
(1) Section 59 of FSMA 2000 (approval for particular arrangements) is amended as follows. (2) Omit subsection (5). (3) For subsection (6) substitute— (6) The PRA may specify a description of function under subsection (3)(a) only if, in relation to the carrying on of a regulated activity by a PRA-authorised person, it is satisfied that the function is a senior management function as defined in section 59ZA. (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) Omit subsections (7) to (7B) and (11).
18 Functions for which approval is required
(1) Section 59 of FSMA 2000 (approval for particular arrangements) is amended as follows. (2) Omit subsection (5). (3) For subsection (6) substitute— (6) The PRA may specify a description of function under subsection (3)(a) only if, in relation to the carrying on of a regulated activity by a PRA-authorised person, it is satisfied that the function is a senior management function as defined in section 59ZA. (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) Omit subsections (7) to (7B) and (11).
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