(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,
(ii) an employee of an authorised person, or
(iii) a director of an 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 in relation to the authorised person,
(ii) an employee of the authorised person, or
(iii) a director of the authorised person.
(4) In this section "relevant requirement" means a requirement -
(a) imposed by or under this Act,
(aa) imposed by the Alternative Investment Fund Managers Regulations 2013 [S.I. 2013/1773.],
(ab) imposed by the Undertakings for Collect
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