SCHEDULES

SCHEDULE 5Performance of regulated activities

I1I214

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.