Chwilio Deddfwriaeth

Financial Services (Banking Reform) Act 2013

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

 Help about opening options

Dewisiadau AgorExpand opening options

Changes over time for: SCHEDULE 3

 Help about opening options

No versions valid at: 18/12/2013

Alternative versions:

Status:

Point in time view as at 18/12/2013. This version of this schedule contains provisions that are not valid for this point in time. Help about Status

Changes to legislation:

Financial Services (Banking Reform) Act 2013, SCHEDULE 3 is up to date with all changes known to be in force on or before 03 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Yn ddilys o 18/02/2014

Yn ddilys o 25/07/2014

Section 35

SCHEDULE 3U.K.Consequential amendments relating to Part 4

This Atodlen has no associated Nodiadau Esboniadol

Financial Services and Markets Act 2000U.K.

Yn ddilys o 07/03/2016

1(1)Section 59 of FSMA 2000 (approval for particular arrangements) is amended as follows.U.K.

(2)In subsection (1), for the words from “the appropriate regulator” to the end substitute “ that person is acting in accordance with an approval given by the appropriate regulator under this section. ”

(3)In subsection (2), for the words from “the appropriate regulator” to the end substitute “ that person is acting in accordance with an approval given by the appropriate regulator under this section. ”

2(1)Section 59A of FSMA 2000 (specifying functions as controlled functions: supplementary) is amended as follows.U.K.

(2)In subsection (1)(a) and (b), for “significant-influence” substitute “ senior management ”.

(3)After subsection (3) insert—

(3A)Senior management function” has the meaning given by section 59ZA.

Yn ddilys o 07/03/2016

3(1)Section 63 of FSMA 2000 (withdrawal of approval) is amended as follows.U.K.

(2)In subsection (1A)(a), for “significant-influence function” substitute “ relevant senior management function ”.

(3)For subsection (1B) substitute—

(1B)In subsection (1A) “relevant senior management function” means a function which the PRA is satisfied is a senior management function as defined in section 59ZA (whether or not the function has been designated as such by the FCA).

Yn ddilys o 07/03/2016

4U.K.In section 63A of FSMA 2000 (power to impose penalties), in subsection (2), for paragraph (b) substitute—

(b)P, when performing the function, is not acting in accordance with an approval given under section 59.

Yn ddilys o 07/03/2016

5(1)Section 66 of FSMA 2000 (disciplinary powers) is amended as follows.U.K.

(2)In subsection (3), for paragraph (ab) (and the “or” following it) substitute—

(ab)impose, for such period as it considers appropriate, any conditions in relation to any such approval which it considers appropriate;

(ac)limit the period for which any such approval is to have effect;.

(3)In subsection (3A), for “restriction” substitute “ condition ”.

(4)In subsection (3B), for “or restriction” substitute “ , condition or limitation ”.

(5)In subsection (3C), for “restriction” substitute “ condition ”.

(6)In subsection (3D)—

(a)in paragraph (a), for “or restriction” substitute “ , condition or limitation ”,

(b)omit the “or” at the end of paragraph (a),

(c)in paragraph (b), for “restriction” substitute “ condition ”, and

(d)after that paragraph insert—

(c)vary a limitation so as to increase the period for which the approval is to have effect.

(7)In subsection (9), for “restriction” substitute “ condition ”.

Yn ddilys o 07/03/2016

6(1)Section 67 of FSMA 2000 (disciplinary measures: procedure and right to refer to Tribunal) is amended as follows.U.K.

(2)In subsection (1), for “or (ab)” substitute “ , (ab) or (ac) ”.

(3)In subsection (2A), for “restriction” (in both places) substitute “ condition ”.

(4)After subsection (2A) insert—

(2B)A warning notice about a proposal to limit the period for which an approval is to have effect must state the length of that period.

(5)In subsection (4), for “or (ab)” substitute “ , (ab) or (ac) ”.

(6)In subsection (5A), for “restriction” (in both places) substitute “ condition ”.

(7)After subsection (5A) insert—

(5B)A decision notice about limiting the period for which an approval is to have effect must state the length of that period.

(8)In subsection (7), for “or (ab)” substitute “ , (ab) or (ac) ”.

7U.K.In section 69 of FSMA 2000 (statement of policy), in subsection (1)—

(a)in paragraph (a), for “or restrictions” substitute “ , conditions or limitations ”;

(b)omit the “and” at the end of paragraph (b);

(c)in paragraph (c), for “restrictions” substitute “ conditions ”;

(d)at the end of paragraph (c) insert ; and

(d)the period for which approvals under section 59 are to have effect as a result of a limitation under section 66.

8U.K.In section 138A of FSMA 2000 (modification or waiver of rules), in subsection (2), before paragraph (a) insert—

(za)rules made by either regulator under section 64A (rules of conduct);.

9U.K.In section 138D of FSMA 2000 (actions for damages), in subsection (5), before paragraph (a) insert—

(za)rules under section 64A (rules of conduct);.

Yn ddilys o 07/03/2016

10U.K.In section 140A of FSMA 2000 (interpretation), in the definition of “regulating provisions”—

(a)in paragraph (a)—

(i)omit sub-paragraph (iii), and

(ii)in sub-paragraph (iv), omit “64 or”;

(b)in paragraph (b), omit sub-paragraphs (ii) and (iii).

Yn ddilys o 07/03/2016

11U.K.In section 347 of FSMA 2000 (the record of authorised persons etc.), in subsection (2)(g), in sub-paragraphs (ii) and (iii), for “relevant authorised person” substitute “ authorised person concerned ”.

Yn ddilys o 07/03/2016

12U.K.In section 387 of FSMA 2000 (warning notices), in subsection (1A), for “or 55I(8)” substitute “ , 55I(8) or 61(2D) ”.

Yn ddilys o 07/03/2016

13U.K.In section 388 of FSMA 2000 (decision notices), in subsection (1A), for “or 55I(8)” substitute “ , 55I(8) or 61(2D) ”.

Yn ddilys o 07/03/2016

14U.K.In section 395 of FSMA 2000 (supervisory notices), in subsection (13), after paragraph (a) insert—

(aa)63ZC(4), (8) or (9)(b);.

Yn ddilys o 07/03/2016

15(1)Section 415B of FSMA 2000 (consultation in relation to taking certain enforcement action) is amended as follows.U.K.

(2)In subsection (4)—

(a)in paragraph (b), for “significant-influence” substitute “ relevant senior management ”, and

(b)omit the definitions appearing after that paragraph.

(3)After subsection (4) insert—

(5)In subsection (4)—

  • arrangement” has the same meaning as in section 59;

  • relevant senior management function” means a function which the FCA is satisfied is a senior management function as defined in section 59ZA (whether or not it has been designated as such under section 59(6A) or (6B)).

16U.K.In Schedule 1ZA to FSMA 2000 (the Financial Conduct Authority), in paragraph 8(3)—

(a)in paragraph (b), omit “64 or”;

(b)in paragraph (c)(i)—

(i)after “section” insert “ 63ZD, ”, and

(ii)omit “64,”.

17U.K.In Schedule 1ZB to FSMA 2000 (the Prudential Regulation Authority), in paragraph 16(3)—

(a)omit paragraph (b);

(b)in paragraph (c)(i)—

(i)after “section” insert “ 63ZD, ”, and

(ii)omit “64,”.

Financial Services Act 2012U.K.

Yn ddilys o 07/03/2016

18U.K.In section 14 of the Financial Services Act 2012, omit subsection (4).

19(1)Section 85 of the Financial Services Act 2012 (relevant functions in relation to complaints scheme) is amended as follows.U.K.

(2)In subsection (4)—

(a)in paragraph (b), omit “64 or”;

(b)in paragraph (c)(i)—

(i)after “section” insert “ 63ZD, ”, and

(ii)omit “64,”.

(3)In subsection (5)—

(a)omit paragraph (b);

(b)in paragraph (c)(i)—

(i)after “section” insert “ 63ZD, ”, and

(ii)omit “64,”.

Yn ôl i’r brig

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open y Ddeddf Gyfan

Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open y Ddeddf Gyfan heb Atodlenni

Y Ddeddf Gyfan heb Atodlenni you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?