32 Definition of “misconduct”
Financial Services (Banking Reform) Act 2013 (2013 c 33) | Legislation

32  Definition of “misconduct”

(1)     In section 66 of FSMA 2000 (disciplinary powers)—

(a)     after subsection (1) insert—

“(1A)     For provision about when a person is guilty of misconduct for the purposes of action by a regulator—

(a)     see section 66A, in the case of action by the FCA, and

(b)     see section 66B, in the case of action by the PRA.”;

(b)     omit subsections (2), (2A), (6) and (7).

(2)     After that section insert—

66A Misconduct: action by the FCA

(1)     For the purposes of action by the FCA under section 66, a person is guilty of misconduct if any of conditions A to C is met in relation to the person.

(2)     Condition A is that—

(a)     the person has at any time failed to comply with rules made by the FCA under section 64A, and

(b)     at that time the person was—

(i)     an approved person, or

(ii)     an employee of a relevant authorised person.

(3)     Condition B is that—

(a)     the person has at any time been knowingly concerned in a contravention of a relevant requirement by an authorised person, and

(b)     at that time the person was—

(i)     an approved person

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