(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