On October 24, 2016, The Financial Services (Banking Reform) Act 2013 (Consequential Amendments) (No. 2) Order 2016 was made. The Order amends secondary legislation as a result of updates to the Financial Services and Markets Act 2000 relating to disciplinary powers for the FCA and Prudential Regulation Authority applying to the misconduct of individuals and the senior manager's regime. The Order also amends FSMA secondary legislation which specifies a "qualifying EU provision" applied for the purposes of determining whether a person has been knowingly concerned in a contravention of a relevant requirement by an authorized person under the new section of FSMA relating to FCA and PRA powers. The Order will enter into force on November 21, 2016.
The Order and Explanatory Statement is available at:
http://www.legislation.gov.uk/uksi/2016/1023/pdfs/uksi_20161023_en.pdf?_sm_au_=iVVHVWj7jP3TtnsN.
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