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Financial Services (Banking Reform) Act 2013

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Changes over time for: Section 20

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Version Superseded: 13/09/2018

Status:

Point in time view as at 13/07/2018. This version of this provision has been superseded. Help about Status

Changes to legislation:

Financial Services (Banking Reform) Act 2013, Section 20 is up to date with all changes known to be in force on or before 31 October 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

20Statements of responsibilitiesU.K.

This section has no associated Explanatory Notes

(1)Section 60 of FSMA 2000 (applications for approval) is amended as follows.

(2)After subsection (2) insert—

(2A)If—

(a)the application is for the approval of a person to perform a designated senior management function, and

(b)the authorised person concerned is a relevant authorised person (see section 71A),

the appropriate regulator must require the application to contain, or be accompanied by, a statement setting out the aspects of the affairs of the authorised person concerned which it is intended that the person will be responsible for managing in performing the function.

(2B)A statement provided under subsection (2A) is known as a “statement of responsibilities”.

(2C)In subsection (2A) “designated senior management function” means a function designated as a senior management function under section 59(6A) or (6B).

(3)After subsection (6) insert—

(6A)Subsection (6) applies to references to a relevant authorised person as it applies to references to the authorised person concerned.

Commencement Information

I1S. 20 in force at 25.7.2014 for specified purposes by S.I. 2014/1819, art. 2(3)

I2S. 20 in force at 7.3.2016 in so far as not already in force by S.I. 2015/490, art. 2(1)(b) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

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