(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) [deleted]
(5) Omit subsections (7) to (7B) and (11).