Moved by
Lord Newby (LD)
55: After Clause 12, insert the following new Clause—
“Meaning of “bank”
(none) In Part 5 of FSMA 2000 (performance of regulated activities), after section 71 insert—
““Bank”
71A Meaning of “bank”
(1) In this Part “bank” means a UK institution which has permission under Part 4A to carry on the regulated activity of accepting deposits.
(2) But “bank” does not include an insurer.
(3) In this section—
(a) “UK institution” means an institution which is incorporated in, or formed under the law of any part of, the United Kingdom;
(b) “insurer” means an institution which is authorised under this Act to carry on the regulated activity of effecting or carrying out contracts of insurance as principal.
(4) Subsections (1) and (3)(b) are to be read in accordance with section 22, taken with Schedule 2 and any order under section 22.””
56: After Clause 12, insert the following new Clause—
“Recording information about senior managers
(1) Section 347 of FSMA 2000 (the record of authorised persons etc.) is amended as follows.
(2) In subsection (2)—
(a) in paragraph (g), after sub-paragraph (iii) insert—
“(iv) in a case where the relevant authorised person is a bank, whether or not the person is a senior manager;”;
(b) after that paragraph insert—
“(h) in the case of an approved person who is a senior manager in relation to an authorised person that is a bank—
(i) whether a final notice has been given to the person under section 390; and
(ii) if so, any information about the matter to which the notice relates which has been published under section 391(4).”
(3) After subsection (8) insert—
“(8A) In this section—
“senior manager”, in relation to an authorised person that is a bank, means a person who has approval under section 59 to perform a designated senior management function in relation to the carrying on by the bank of a regulated activity,
“bank” has the same meaning as in Part 5 (see section 71A), and
“designated senior management function” means a function designated as a senior management function under section 59(6B) or (6C).””
57: After Clause 12, insert the following new Clause—
“Consequential amendments relating to Part 4
(none) Schedule (Consequential amendments relating to Part 4) (which contains further amendments relating to the provisions of this Part) has effect.”