(1) The Financial Services and Markets Act 2000 is amended as follows.

(2) In section 62A(4) (changes in responsibilities of senior managers), at the end of the definition of “the appropriate regulator” insert “, except that the reference in section 60(9)(b) to subsection (3) is to be treated as a reference to subsection (2) of this section”.

(3) In section 63ZA (variation of senior manager’s approval at request of authorised person) -

(a) in subsection (1), for “application for approval under section 59 is granted” substitute “approval under section 59 has effect”;

(b) after subsection (1) insert -

“(1A) Where an approval under section 59 has effect for a limited period, the authorised person concerned may apply to the appropriate regulator to vary the approval by -

(a) varying the period for which the approval is to have effect, or

(b) removing the limit on the period for which the approval is to have effect.”;

(c) in subsection (2)(a) the words from “whichever” to the end become sub-paragraph (i), and at the end of that sub-paragraph insert “, or