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).