Amendments of Financial Services and Markets Act 2000
1 The Financial Services and Markets Act 2000 is amended as follows.
(1) Section 59 (approval for particular arrangements) is amended as follows.
(2) For subsection (6A) substitute -
"(6A) If the FCA is satisfied that a function of a description specified in rules made by the FCA under subsection (3)(a) or (b) is a senior management function as defined in section 59ZA, the FCA must designate the function in the rules as a senior management function."
(3) Omit subsections (6B) and (6C).
3 After section 59ZA insert -
"59ZB Designated senior management functions
For the purposes of this Part the following are "designated senior management functions" -
(a) a function of a description specified in rules made by the FCA under section 59(3)(a) or (b) which is designated as a senior management function by the FCA under section 59(6A);
(b) a function of a description specified in rules made by the PRA under section 59(3)(a)."
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