Moved by
Lord Newby
45: After Clause 12, insert the following new Clause—
“Part 4
Conduct of persons working in financial services sector
Functions for which approval is required
(1) Section 59 of FSMA 2000 (approval for particular arrangements) is amended as follows.
(2) Omit subsection (5).
(3) For subsection (6) substitute—
“(6) The PRA may specify a description of function under subsection (3)(a) only if, in relation to the carrying on of a regulated activity by a PRA-authorised person, it is satisfied that the function is a senior management function as defined in section 59ZA.”
(4) After subsection (6A) (inserted by section 5 above) insert—
“(6B) If—
(a) a function of a description specified in rules made by the FCA under subsection (3)(a) or (b) is a controlled function in relation to the carrying on of a regulated activity by a bank, and
(b) the FCA is satisfied that, in relation to the carrying on of a regulated activity by a bank, the function is a senior management function as defined in section 59ZA,
the FCA must designate the function in the rules as a senior management function.
(6C) If a function of a description specified in rules made by the PRA under subsection (3)(a) is a controlled function in relation to the carrying on of a regulated activity by a bank, the PRA must designate the function in the rules as a senior management function.”
(5) Omit subsections (7) to (7B) and (11).”