Financial Services Act 2012

14 (1) Section 66 (disciplinary powers) is amended as follows.

(2) In subsection (1)—

(a) in the opening words—

(i) for “The Authority” substitute “A regulator”, and

(ii) after “this section” insert “(whether or not it has given its approval in relation to the person)”, and

(b) in paragraphs (a) and (b), for “Authority” substitute “regulator”.

(3) For subsection (2) substitute—

“(2) For the purposes of action by the FCA, a person is guilty of misconduct if, while an approved person—

(a) the person has failed to comply with a statement of principle issued by the FCA under section 64, or

(b) the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person—

(i) by or under this Act, or

(ii) by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.

(2A) For the purposes of action by the PRA, a person is guilty of misconduct if, while an approved person in respect of the performance of a significant-influence function in relation to the carrying on by a PRA-authorised person of a regulated activity—

(a) the person has failed to comply with a statement of principle issued by the PRA under section 64, or

(b) the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person—

(i) by or under this Act, or

(ii) by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.”

(4) In subsection (3), for “Authority” substitute “regulator”.

(5) In subsection (3D), for “The Authority” substitute “The regulator taking action under this section”.

(6) In subsection (4)—

(a) for “The Authority”, in the first place, substitute “A regulator”, and

(b) for “the Authority”, in the second place, substitute “the regulator”.

(7) In subsection (5)(a), for “the Authority” substitute “a regulator”.

(8) For subsection (6) substitute—

“(6) Approved person” means a person in relation to whom an approval is given under that section.”