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Financial Services (Banking Reform) Act 2013

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Status:

Point in time view as at 13/07/2018.

Changes to legislation:

Financial Services (Banking Reform) Act 2013, Section 24 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

24Changes in responsibilities of senior managersU.K.

This section has no associated Explanatory Notes

After section 62 of FSMA 2000 insert—

62AChanges in responsibilities of senior managers

(1)This section applies where—

(a)an authorised person has made an application to the appropriate regulator for approval under section 59 for a person to perform a designated senior management function,

(b)the application contained, or was accompanied by, a statement of responsibilities under section 60(2A), and

(c)the application has been granted.

(2)If, since the granting of the application, there has been any significant change in the aspects of the authorised person's affairs which the person is responsible for managing in performing the function, the authorised person must provide the appropriate regulator with a revised statement of responsibilities.

(3)The appropriate regulator may require the authorised person—

(a)to provide information which the person is required to give under this section in such form as the appropriate regulator may direct, or

(b)to verify such information in such a way as the appropriate regulator may direct.

(4)In this section—

  • the appropriate regulator” has the same meaning as in section 60;

  • designated senior management function” means a function designated as a senior management function under section 59(6A) or (6B).

Commencement Information

I1S. 24 in force at 7.3.2016 by S.I. 2015/490, art. 2(1)(c) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

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