(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 w
…