Bank of England and Financial Services Bill (HL Bill 65)

Bank of England and Financial Services BillPage 50

(2) In subsection (1)(b), for the words from “relevant” to the end substitute
“authorised persons”.

(3) In subsection (2)(c) omit “relevant”.

(4) In subsection (3) omit the definition of “relevant PRA-authorised person”.

14 (1) 5Section 64B (conduct rules) is amended as follows.

(2) In the heading omit “relevant”.

(3) In subsection (2) omit “relevant” in the first place it occurs.

(4) In subsection (3) for “a relevant” substitute “an”.

(5) Omit subsection (7).

15 (1) 10Section 64C (requirement to notify regulator of disciplinary action) is
amended as follows.

(2) In the heading omit “relevant”.

(3) In subsection (1)—

(a) in paragraph (a) for “a relevant”, in the first place it occurs, substitute
15“an”;

(b) in the words after paragraph (b) omit “relevant”.

(4) In subsection (3)—

(a) in paragraph (a) omit “relevant authorised persons that are”;

(b) in paragraph (b) omit “relevant”.

(5) 20Omit subsection (5).

16 (1) Section 66A (misconduct: action by FCA) is amended as follows.

(2) In subsection (2)(b)(ii) for “a relevant” substitute “an”.

(3) In subsection (3)(b)(ii) omit “in the case of a relevant authorised person,”.

(4) In subsection (5)(a) for “a relevant” substitute “an”.

(5) 25In subsection (7)—

(a) in the definition of “senior manager”, for “a relevant” substitute “an”;

(b) omit the definition of “designated senior management function”.

(6) Omit subsection (9).

17 (1) Section 66B (misconduct: action by PRA) is amended as follows.

(2) 30In subsection (2)(b)(ii) omit “relevant”.

(3) In subsection (3)(b), for sub-paragraph (ii) substitute—

(“ii) an employee of the PRA-authorised person.”

(4) In subsection (5)(a) omit “relevant”.

(5) In subsection (7)—

(a) 35in the definition of “senior manager”, omit “relevant”;

(b) omit the definition of “designated senior management function”.

(6) In subsection (8) omit the definition of “relevant PRA-authorised person”.

Bank of England and Financial Services BillPage 51

(7) Omit subsection (9).

18 Omit section 71A (meaning of “relevant authorised person”).

19 (1) Section 347 (record of authorised persons etc) is amended as follows.

(2) In subsection (2)—

(a) 5in paragraph (g)(iv), omit “in a case where the authorised person
concerned is a relevant authorised person,”;

(b) in paragraph (h) for “a relevant” substitute “an”.

(3) In subsection (8A)—

(a) omit the definition of “relevant authorised person”;

(b) 10in the definition of “senior manager”, for “a relevant” substitute “an”;

(c) in the definition of “designated senior management function”, for the
words from “means” to the end substitute “has the meaning given by
section 59ZB”.

20 In section 415B(5) (consultation in relation to enforcement action), in the
15definition of “relevant senior management function”, for the words from
“has been” to the end substitute “is a designated senior management
function as defined by section 59ZB)”.

21 In section 429(1)(a) (orders subject to affirmative resolution procedure) omit
“71A(4),”.

20Consequential amendments of other Acts

22 (1) The Financial Services (Banking Reform) Act 2013 is amended as follows.

(2) Omit section 18(4) (which inserts the subsections substituted or omitted by
paragraph 2).

(3) Omit section 20(3) (which inserts the subsection omitted by paragraph 4(4)).

(4) 25Omit section 23(6) (which inserts the subsections omitted by paragraph
6(4)).

(5) Omit section 33 (which inserts the section omitted by paragraph 18).

(6) For section 37(8) (interpretation) substitute-

(8) “Senior management function” means—

(a) 30a function of a description specified in rules made by the FCA
under section 59(3)(a) or (b) of FSMA 2000 which is
designated as a senior management function by the FCA
under section 59(6A) of that Act;

(b) a function of a description specified in rules made by the PRA
35under section 59(3)(a) of that Act.”

(7) Omit section 136(2)(a) (which inserts the words omitted by paragraph 21).