Textual Amendments
F1S. 415B and cross-heading inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 9 para. 41 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
(1)The FCA must consult the PRA before taking a qualifying step in relation to a person who—
(a)is a PRA-authorised person, or
(b)has a qualifying relationship with a PRA-authorised person.
(2)The PRA must consult the FCA before taking a qualifying step.
(3)In this section any reference to the taking of a qualifying step is a reference to—
(a)the giving of a warning notice or decision notice under section 63B (performance of controlled functions without approval),
(b)the giving of a warning notice or decision notice under section 67 (disciplinary powers in relation to approved person),
F2(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(d)the giving of a warning notice or decision notice under section 131H (short selling),
(e)the giving of a warning notice under section 207 or a decision notice under section 208 (breaches of requirements imposed by or under Act etc.),
(f)the giving of a warning notice under section 312G or a decision notice under section 312H (recognised bodies),
(g)the making of an application to the court under section 380, 381, 382 or 383 (injunctions or restitution), or
(h)the giving of a warning notice under section 385 or a decision notice under section 386 (power of FCA or PRA to require restitution).
(4)A person has a qualifying relationship with a PRA-authorised person (“A”) for the purposes of this section if—
(a)the person is a member of A's immediate group, or
(b)in the case of a qualifying step within subsection (3)(a) or (b), the person performs a [F3relevant senior management] function under an arrangement entered into by A, or by a contractor of A, in relation to the carrying on by A of a regulated activity.
F4...
[F5(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)).]]
Textual Amendments
F2S. 415B(3)(c) omitted (3.7.2016) by virtue of The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(20)
F3Words in s. 415B(4)(b) substituted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 15(2)(a); 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))
F4Words in s. 415B(4) omitted (7.3.2016) by virtue of Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 15(2)(b); 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))
F5S. 415B(5) inserted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 3 para. 15(3); 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))