29 Certification of employees by relevant authorised persons
Financial Services (Banking Reform) Act 2013 (2013 c 33) | Legislation

29  Certification of employees by relevant authorised persons

After section 63D of FSMA 2000 insert—

“Certification of employees

63E Certification of employees by relevant authorised persons

(1)     A relevant authorised person (“A”) must take reasonable care to ensure that no employee of A performs a specified function under an arrangement entered into by A in relation to the carrying on by A of a regulated activity, unless the employee has a valid certificate issued by A under section 63F.

(2)     “Specified function”—

(a)     in relation to the carrying on of a regulated activity by a PRA-authorised person, means a function of a description specified in rules made by the FCA or the PRA, and

(b)     in relation to the carrying on of a regulated activity by any other authorised person, means a function of a description specified in rules made by the FCA.

(3)     The FCA may specify a description of function under subsection (2)(a) or (b) only if, in relation to the carrying on of a regulated activity by a relevant authorised person of a particular description—

(a)     the function is not a controlled function in relation to the carrying on of that activity by a relevant authorised

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