(1) Section 63A of FSMA 2000 (power to impose penalties) is amended as follows.

(2) In subsection (4), for "period of three years" substitute "relevant period".

(3) After subsection (5A) insert -

"(5B) The relevant period" is -

(a) in relation to the performance of a controlled function without approval before the day on which this subsection comes into force, the period of 3 years, and

(b) in relation to the performance of a controlled function without approval on or after that day, the period of 6 years."

(4) Section 66 of FSMA 2000 (disciplinary powers) is amended as follows.

(5) In subsection (4), for "period of three years" substitute "relevant period".

(6) After subsection (5) insert -

"(5ZA) The relevant period" is -

(a) in relation to misconduct which occurs before the day on which this subsection comes into force, the period of 3 years, and