(1) The Financial Services and Markets Act 2000 is amended as follows.
(2) In section 66A (misconduct: action by FCA) -
(a) omit the “or” at the end of subsection (2)(b)(i);
(b) at the end of subsection (2)(b)(ii) insert “, or
(iii) a director of an authorised person.”;
(c) omit the “or” at the end of subsection (3)(b)(i);
(d) at the end of subsection (3)(b)(ii) insert “, or
(iii) a director of the authorised person.”;
(e) omit the “and” at the end of subsection (5)(b);
(f) at the end of subsection (5)(c) insert “, and
(d) the senior manager did not take such steps as a person in the senior manager’s position could reasonably be expected to take to avoid the contravention occurring (or continuing).”;
(g) omit subsection (6);
(h) in subsection (8) after the definition of “approved person” insert -
““director”, in relation to an authorised person, has the same meaning as in section 64A;”.
(3) In section 66B (misconduct: action by PRA) -
(a) omit the
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