14(1)Section 66 (disciplinary powers) is amended as follows.U.K.
(2)In subsection (1)—
(a)in the opening words—
(i)for “The Authority” substitute “ A regulator ”, and
(ii)after “this section” insert “ (whether or not it has given its approval in relation to the person) ”, and
(b)in paragraphs (a) and (b), for “ Authority” substitute “ regulator ”.
(3)For subsection (2) substitute—
“(2)For the purposes of action by the FCA, a person is guilty of misconduct if, while an approved person—
(a)the person has failed to comply with a statement of principle issued by the FCA under section 64, or
(b)the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person—
(i)by or under this Act, or
(ii)by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.
(2A)For the purposes of action by the PRA, a person is guilty of misconduct if, while an approved person in respect of the performance of a significant-influence function in relation to the carrying on by a PRA-authorised person of a regulated activity—
(a)the person has failed to comply with a statement of principle issued by the PRA under section 64, or
(b)the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person—
(i)by or under this Act, or
(ii)by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.”
(4)In subsection (3), for “Authority” substitute “ regulator ”.
(5)In subsection (3D), for “The Authority” substitute “ The regulator taking action under this section ”.
(6)In subsection (4)—
(a)for “The Authority”, in the first place, substitute “ A regulator ”, and
(b)for “the Authority”, in the second place, substitute “ the regulator ”.
(7)In subsection (5)(a), for “the Authority” substitute “ a regulator ”.
(8)For subsection (6) substitute—
“(6)Approved person” means a person in relation to whom an approval is given under that section.”
Commencement Information
I1Sch. 5 para. 14 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
I2Sch. 5 para. 14 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.