28Extension of limitation periods for imposing sanctionsU.K.
(1)Section 63A of FSMA 2000 (power to impose penalties) is amended as follows.
(2)In subsection (4), for “period of three years” substitute “ relevant period ”.
(3)After subsection (5A) insert—
“(5B)The relevant period” is—
(a)in relation to the performance of a controlled function without approval before the day on which this subsection comes into force, the period of 3 years, and
(b)in relation to the performance of a controlled function without approval on or after that day, the period of 6 years.”
(4)Section 66 of FSMA 2000 (disciplinary powers) is amended as follows.
(5)In subsection (4), for “period of three years” substitute “ relevant period ”.
(6)After subsection (5) insert—
“(5ZA)The relevant period” is—
(a)in relation to misconduct which occurs before the day on which this subsection comes into force, the period of 3 years, and
(b)in relation to misconduct which occurs on or after that day, the period of 6 years.”
Commencement Information
I1S. 28 in force at 25.7.2014 by S.I. 2014/1819, art. 2(1)(c)