PART 4Conduct of persons working in financial services sector
Amendments of FSMA 2000
I128Extension of limitation periods for imposing sanctions
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.