Bank of England and Financial Services Act 2016

25 Misconduct U.K.

(1) The Financial Services and Markets Act 2000 is amended as follows.

(2) In section 66A (misconduct: action by FCA)—

(a) omit the “or” at the end of subsection (2)(b)(i);

(b) at the end of subsection (2)(b)(ii) insert “, or

(iii) a director of an authorised person.”;

(c) omit the “or” at the end of subsection (3)(b)(i);

(d) at the end of subsection (3)(b)(ii) insert “, or

(iii) a director of the authorised person.”;

(e) omit the “and” at the end of subsection (5)(b);

(f) at the end of subsection (5)(c) insert “, and

(d) the senior manager did not take such steps as a person in the senior manager's position could reasonably be expected to take to avoid the contravention occurring (or continuing).”;

(g) omit subsection (6);

(h) in subsection (8) after the definition of “approved person” insert—

““director”, in relation to an authorised person, has the same meaning as in section 64A;”.

(3) In section 66B (misconduct: action by PRA)—

(a) omit the “or” at the end of subsection (2)(b)(i);

(b) at the end of subsection (2)(b)(ii) insert “, or

(iii) a director of a PRA-authorised person.”;

(c) omit the “or” at the end of subsection (3)(b)(i);

(d) at the end of subsection (3)(b)(ii) insert “, or

(iii) a director of the PRA-authorised person.”;

(e) omit the “and” at the end of subsection (5)(b);

(f) at the end of subsection (5)(c) insert “, and

(d) the senior manager did not take such steps as a person in the senior manager's position could reasonably be expected to take to avoid the contravention occurring (or continuing).”;

(g) omit subsection (6);

(h) in subsection (8) after the definition of “approved person” insert—

““director”, in relation to an authorised person, has the same meaning as in section 64A;”.

Commencement Information

I1 S. 25(1)(2)(e)(f)(g)(3)(e)(f)(g) in force at 10.5.2016 by S.I. 2016/569, reg. 2

I2 S. 25(2)(a)-(d)(h)(3)(a)-(d)(h) in force at 6.7.2016 by S.I. 2016/627, reg. 2(1)(s)