PART 4Conduct of persons working in financial services sector

Amendments of FSMA 2000

I1I218Functions for which approval is required

1

Section 59 of FSMA 2000 (approval for particular arrangements) is amended as follows.

2

Omit subsection (5).

3

For subsection (6) substitute—

6

The PRA may specify a description of function under subsection (3)(a) only if, in relation to the carrying on of a regulated activity by a PRA-authorised person, it is satisfied that the function is a senior management function as defined in section 59ZA.

4

F1After subsection (6) insert—

6A

If—

a

a function of a description specified in rules made by the FCA under subsection (3)(a) or (b) is a controlled function in relation to the carrying on of a regulated activity by a relevant authorised person, and

b

the FCA is satisfied that, in relation to the carrying on of a regulated activity by a relevant authorised person, the function is a senior management function as defined in section 59ZA,

(b)the FCA is satisfied that, in relation to the carrying on of a regulated activity by a relevant authorised person, the function is a senior management function as defined in section 59ZA, the FCA must designate the function in the rules as a senior management function.

6B

If a function of a description specified in rules made by the PRA under subsection (3)(a) is a controlled function in relation to the carrying on of a regulated activity by a relevant authorised person, the PRA must designate the function in the rules as a senior management function.

6C

For the meaning of “relevant authorised person”, see section 71A.

5

Omit subsections (7) to (7B) and (11).