Schedule 4 | Extension Of Relevant Authorised Persons Regime To All Authorised Persons | Bank Of England And Financial Services Act 2016 C14

SCHEDULE 4 Extension of Relevant Authorised Persons Regime to all Authorised Persons

Bank of England and Financial Services Act 2016 (2016 c 14) | Legislation

SCHEDULE 4 Extension of Relevant Authorised Persons Regime to all Authorised Persons

Section 21

Amendments of Financial Services and Markets Act 2000

The Financial Services and Markets Act 2000 is amended as follows.

(1) Section 59 (approval for particular arrangements) is amended as follows.

(2) For subsection (6A) substitute—

“(6A) If the FCA is satisfied that a function of a description specified in rules made by the FCA under subsection (3)(a) or (b) is a senior management function as defined in section 59ZA, the FCA must designate the function in the rules as a senior management function.”

(3) Omit subsections (6B) and (6C).

After section 59ZA insert—

“59ZB Designated senior management functions

For the purposes of this Part the following are “designated senior management functions”—

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

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

(1) Section 60 (applications for approval) is amended as follows.

(2) In subsection (2A), omit—

(a)