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Financial Services (Banking Reform) Act 2013

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There are currently no known outstanding effects for the Financial Services (Banking Reform) Act 2013, Section 24. Help about Changes to Legislation

24Changes in responsibilities of senior managersU.K.

This section has no associated Explanatory Notes

After section 62 of FSMA 2000 insert—

62AChanges in responsibilities of senior managers

(1)This section applies where—

(a)an authorised person has made an application to the appropriate regulator for approval under section 59 for a person to perform a designated senior management function,

(b)the application contained, or was accompanied by, a statement of responsibilities under section 60(2A), and

(c)the application has been granted.

(2)If, since the granting of the application, there has been any significant change in the aspects of the authorised person's affairs which the person is responsible for managing in performing the function, the authorised person must provide the appropriate regulator with a revised statement of responsibilities.

(3)The appropriate regulator may require the authorised person—

(a)to provide information which the person is required to give under this section in such form as the appropriate regulator may direct, or

(b)to verify such information in such a way as the appropriate regulator may direct.

(4)In this section—

  • the appropriate regulator” has the same meaning as in section 60;

  • designated senior management function” means a function designated as a senior management function under section 59(6A) or (6B).

Commencement Information

I1S. 24 in force at 7.3.2016 by S.I. 2015/490, art. 2(1)(c) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

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