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§ 212 — Amendment of Variable Capital Companies Act 2018
212.—(1) Section 2(1) of the Variable Capital Companies Act 2018 is amended —(a)
by inserting, immediately after the definition of “financial year”, the following definition:“ “FSMA 2022” means the Financial Services and Markets Act 2022;”; and
(b)
by inserting, immediately after the definition of “profit and loss account”, the following definition:“ “prohibition order” means —(a)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the FSMA 2022;
(b)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the FSMA 2022, and as continued by section 220(3) of the FSMA 2022; or
(c)
a prohibition order made under section 7(1) of the FSMA 2022;”.
(2) Section 58 of the Variable Capital Companies Act 2018 is amended by deleting the words “under section 101A(1) of the Securities and Futures Act 2001” in subsections (1)(e) and (4)(f).
(3) Section 83(6) of the Variable Capital Companies Act 2018 is amended by deleting the words “section 27A of the MAS Act” and substituting the words “section 192 of the FSMA 2022 for the purposes of section 15 of that Act”.
(4) Section 84(5) of the Variable Capital Companies Act 2018 is amended by deleting the words “section 27B of the MAS Act” and substituting the words “section 192 of the FSMA 2022 for the purposes of section 16 of that Act”.
(5) Section 85 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting the words “section 152(1) of the MAS Act” in subsections (6) and (9) and substituting in each case the words “section 17(1) of the FSMA 2022”;
(b)
by deleting the words “section 27F(1) of the MAS Act” in subsection (7)(a) and substituting the words “section 172(1) of the FSMA 2022”;
(c)
by deleting the words “section 155(1), 157(1) or 160 of the MAS Act” in subsection (7)(b) and substituting the words “section 20(1), 22(1) or 25 of the FSMA 2022”;
(d)
by deleting the words “Section 27D of the MAS Act” in subsection (8) and substituting the words “Section 170 of the FSMA 2022”;
(e)
by deleting the words “section 27C(1)” in subsections (8) and (11) and substituting in each case the words “section 169(1)”;
(f)
by deleting the words “section 27D of the MAS Act” in subsection (9) and substituting the words “section 170 of the FSMA 2022”;
(g)
by deleting the words “Section 27E of the MAS Act” in subsection (10) and substituting the words “Section 171 of the FSMA 2022”;
(h)
by deleting the words “Section 27F of the MAS Act” in subsection (11) and substituting the words “Section 172 of the FSMA 2022”;
(i)
by deleting the words “section 27F(1) of the MAS Act” in subsection (11)(a) and (b) and substituting in each case the words “section 172(1) of the FSMA 2022”;
(j)
by deleting the words “section 152(1)” in subsection (11)(a), (b) and (c) and substituting in each case the words “section 17(1)”; and
(k)
by deleting the words “section 27F(2) of the MAS Act” in subsection (11)(c) and substituting the words “section 172(2) of the FSMA 2022”.
(6) Section 86 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting the words “section 152 of the MAS Act” in the definitions of “AML/CFT authority”, “supervision” and “supervisory action” and “AML/CFT requirement”, “applicable offence”, “domestic authority”, “employee”, “enforcement action”, “foreign country”, “information”, “investigation” and “public authority” in subsection (1) and substituting in each case the words “section 17 of the FSMA 2022”;
(b)
by deleting the words “section 152 of the MAS Act” in paragraph (c) of the definition of “corresponding authority” in subsection (1) and substituting the words “section 17 of the FSMA 2022”;
(c)
by deleting the words “section 152 of the MAS Act” in the definition of “foreign financial institution” in subsection (1) and substituting the words “section 17 of the FSMA 2022”; and
(d)
by deleting the words “section 152 of the MAS Act” in subsection (3) and substituting the words “section 17 of the FSMA 2022”.
(7) Section 88 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting the words “Division 2 of Part 5C of the MAS Act” and substituting the words “Subdivision (2) of Division 2 of Part 4 of the FSMA 2022”;
(b)
by deleting the words “section 152” and substituting the words “section 17”;
(c)
by deleting the words “that Division” and substituting the words “that subdivision”;
(d)
by deleting paragraph (a);
(e)
by deleting the words “section 154(1)(g)(ii) of the MAS Act” in paragraph (b) and substituting the words “section 19(1)(g)(ii) of the FSMA 2022”;
(f)
by deleting paragraph (c) and substituting the following paragraph:“(c)
the reference in section 19(3)(a) of the FSMA 2022 to any direction issued under section 15 or 16 of that Act, or to any regulations made under section 192 of that Act for the purposes of section 15 or 16 of that Act (as the case may be), is to a direction or regulation issued or made under section 83 or 84, as the case may be;”;
(g)
by deleting the words “section 155 of the MAS Act” in paragraph (d) and substituting the words “section 20 of the FSMA 2022”;
(h)
by deleting the words “section 152(1)” in paragraph (d) and substituting the words “section 17(1)”; and
(i)
by deleting the words “section 155(2)(a) of the MAS Act” in paragraphs (e) and (f) and substituting in each case the words “section 20(2)(a) of the FSMA 2022”.
(8) Section 89 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting the words “Division 3 of Part 5C of the MAS Act” and substituting the words “Subdivision (3) of Division 2 of Part 4 of the FSMA 2022”;
(b)
by deleting the words “that Division” and substituting the words “that subdivision”;
(c)
by deleting paragraph (a);
(d)
by deleting the words “section 157 of the MAS Act” in paragraph (b) and substituting the words “section 22 of the FSMA 2022”;
(e)
by deleting the words “section 152(1)” in paragraph (b) and substituting the words “section 17(1)”; and
(f)
by deleting the words “section 157(2) of the MAS Act” in paragraphs (c) and (d) and substituting in each case the words “section 22(2) of the FSMA 2022”.
(9) Section 90 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting the words “Division 4 of Part 5C of the MAS Act” in subsection (1) and substituting the words “Subdivision (4) of Division 2 of Part 4 of the FSMA 2022”;
(b)
by deleting the words “section 160 of the MAS Act” in subsection (2) and substituting the words “section 25 of the FSMA 2022”; and
(c)
by deleting the words “section 152(1) of the MAS Act” in subsection (2) and substituting the words “section 17(1) of the FSMA 2022”.
(10) Section 91 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting the words “Sections 161 and 162 of the MAS Act” in subsection (1) and substituting the words “Sections 26 and 27 of the FSMA 2022”;
(b)
by deleting the words “section 152 of the MAS Act” in subsection (1) and substituting the words “section 17 of the FSMA 2022”;
(c)
by deleting the words “section 161(5) of the MAS Act” in subsection (1)(a) and substituting the words “section 26(5) of the FSMA 2022”;
(d)
by deleting the words “section 162(3) of the MAS Act” in subsection (1)(b) and substituting the words “section 27(3) of the FSMA 2022”;
(e)
by deleting the words “sections 161 and 162 of the MAS Act” in subsection (1)(c) and substituting the words “sections 26 and 27 of the FSMA 2022”;
(f)
by deleting the words “Section 163 of the MAS Act” in subsection (2) and substituting the words “Section 28 of the FSMA 2022”; and
(g)
by deleting the words “section 161 of the MAS Act” wherever they appear in subsection (2) and substituting in each case the words “section 26 of the FSMA 2022”.
(11) Section 92 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting subsection (1) and substituting the following subsection:“(1) Section 174 (except subsection (7)) and section 175 (except subsection (7)) of the FSMA 2022 apply in relation to an offence committed under this Part as they apply in relation to an offence committed under the FSMA 2022.”; and
(b)
by deleting the words “section 28B of the MAS Act” in subsection (2) and substituting the words “sections 174 and 175 of the FSMA 2022”.
(12) Section 95 of the Variable Capital Companies Act 2018 is amended by deleting subsection (5).
—(1) Section 2(1) of the Variable Capital Companies Act 2018 is amended —(a)
by inserting, immediately after the definition of “financial year”, the following definition:“ “FSMA 2022” means the Financial Services and Markets Act 2022;”; and
(b)
by inserting, immediately after the definition of “profit and loss account”, the following definition:“ “prohibition order” means —(a)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the FSMA 2022;
(b)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the FSMA 2022, and as continued by section 220(3) of the FSMA 2022; or
(c)
a prohibition order made under section 7(1) of the FSMA 2022;”.
(2) Section 58 of the Variable Capital Companies Act 2018 is amended by deleting the words “under section 101A(1) of the Securities and Futures Act 2001” in subsections (1)(e) and (4)(f).
(3) Section 83(6) of the Variable Capital Companies Act 2018 is amended by deleting the words “section 27A of the MAS Act” and substituting the words “section 192 of the FSMA 2022 for the purposes of section 15 of that Act”.
(4) Section 84(5) of the Variable Capital Companies Act 2018 is amended by deleting the words “section 27B of the MAS Act” and substituting the words “section 192 of the FSMA 2022 for the purposes of section 16 of that Act”.
(5) Section 85 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting the words “section 152(1) of the MAS Act” in subsections (6) and (9) and substituting in each case the words “section 17(1) of the FSMA 2022”;
(b)
by deleting the words “section 27F(1) of the MAS Act” in subsection (7)(a) and substituting the words “section 172(1) of the FSMA 2022”;
(c)
by deleting the words “section 155(1), 157(1) or 160 of the MAS Act” in subsection (7)(b) and substituting the words “section 20(1), 22(1) or 25 of the FSMA 2022”;
(d)
by deleting the words “Section 27D of the MAS Act” in subsection (8) and substituting the words “Section 170 of the FSMA 2022”;
(e)
by deleting the words “section 27C(1)” in subsections (8) and (11) and substituting in each case the words “section 169(1)”;
(f)
by deleting the words “section 27D of the MAS Act” in subsection (9) and substituting the words “section 170 of the FSMA 2022”;
(g)
by deleting the words “Section 27E of the MAS Act” in subsection (10) and substituting the words “Section 171 of the FSMA 2022”;
(h)
by deleting the words “Section 27F of the MAS Act” in subsection (11) and substituting the words “Section 172 of the FSMA 2022”;
(i)
by deleting the words “section 27F(1) of the MAS Act” in subsection (11)(a) and (b) and substituting in each case the words “section 172(1) of the FSMA 2022”;
(j)
by deleting the words “section 152(1)” in subsection (11)(a), (b) and (c) and substituting in each case the words “section 17(1)”; and
(k)
by deleting the words “section 27F(2) of the MAS Act” in subsection (11)(c) and substituting the words “section 172(2) of the FSMA 2022”.
(6) Section 86 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting the words “section 152 of the MAS Act” in the definitions of “AML/CFT authority”, “supervision” and “supervisory action” and “AML/CFT requirement”, “applicable offence”, “domestic authority”, “employee”, “enforcement action”, “foreign country”, “information”, “investigation” and “public authority” in subsection (1) and substituting in each case the words “section 17 of the FSMA 2022”;
(b)
by deleting the words “section 152 of the MAS Act” in paragraph (c) of the definition of “corresponding authority” in subsection (1) and substituting the words “section 17 of the FSMA 2022”;
(c)
by deleting the words “section 152 of the MAS Act” in the definition of “foreign financial institution” in subsection (1) and substituting the words “section 17 of the FSMA 2022”; and
(d)
by deleting the words “section 152 of the MAS Act” in subsection (3) and substituting the words “section 17 of the FSMA 2022”.
(7) Section 88 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting the words “Division 2 of Part 5C of the MAS Act” and substituting the words “Subdivision (2) of Division 2 of Part 4 of the FSMA 2022”;
(b)
by deleting the words “section 152” and substituting the words “section 17”;
(c)
by deleting the words “that Division” and substituting the words “that subdivision”;
(d)
by deleting paragraph (a);
(e)
by deleting the words “section 154(1)(g)(ii) of the MAS Act” in paragraph (b) and substituting the words “section 19(1)(g)(ii) of the FSMA 2022”;
(f)
by deleting paragraph (c) and substituting the following paragraph:“(c)
the reference in section 19(3)(a) of the FSMA 2022 to any direction issued under section 15 or 16 of that Act, or to any regulations made under section 192 of that Act for the purposes of section 15 or 16 of that Act (as the case may be), is to a direction or regulation issued or made under section 83 or 84, as the case may be;”;
(g)
by deleting the words “section 155 of the MAS Act” in paragraph (d) and substituting the words “section 20 of the FSMA 2022”;
(h)
by deleting the words “section 152(1)” in paragraph (d) and substituting the words “section 17(1)”; and
(i)
by deleting the words “section 155(2)(a) of the MAS Act” in paragraphs (e) and (f) and substituting in each case the words “section 20(2)(a) of the FSMA 2022”.
(8) Section 89 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting the words “Division 3 of Part 5C of the MAS Act” and substituting the words “Subdivision (3) of Division 2 of Part 4 of the FSMA 2022”;
(b)
by deleting the words “that Division” and substituting the words “that subdivision”;
(c)
by deleting paragraph (a);
(d)
by deleting the words “section 157 of the MAS Act” in paragraph (b) and substituting the words “section 22 of the FSMA 2022”;
(e)
by deleting the words “section 152(1)” in paragraph (b) and substituting the words “section 17(1)”; and
(f)
by deleting the words “section 157(2) of the MAS Act” in paragraphs (c) and (d) and substituting in each case the words “section 22(2) of the FSMA 2022”.
(9) Section 90 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting the words “Division 4 of Part 5C of the MAS Act” in subsection (1) and substituting the words “Subdivision (4) of Division 2 of Part 4 of the FSMA 2022”;
(b)
by deleting the words “section 160 of the MAS Act” in subsection (2) and substituting the words “section 25 of the FSMA 2022”; and
(c)
by deleting the words “section 152(1) of the MAS Act” in subsection (2) and substituting the words “section 17(1) of the FSMA 2022”.
(10) Section 91 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting the words “Sections 161 and 162 of the MAS Act” in subsection (1) and substituting the words “Sections 26 and 27 of the FSMA 2022”;
(b)
by deleting the words “section 152 of the MAS Act” in subsection (1) and substituting the words “section 17 of the FSMA 2022”;
(c)
by deleting the words “section 161(5) of the MAS Act” in subsection (1)(a) and substituting the words “section 26(5) of the FSMA 2022”;
(d)
by deleting the words “section 162(3) of the MAS Act” in subsection (1)(b) and substituting the words “section 27(3) of the FSMA 2022”;
(e)
by deleting the words “sections 161 and 162 of the MAS Act” in subsection (1)(c) and substituting the words “sections 26 and 27 of the FSMA 2022”;
(f)
by deleting the words “Section 163 of the MAS Act” in subsection (2) and substituting the words “Section 28 of the FSMA 2022”; and
(g)
by deleting the words “section 161 of the MAS Act” wherever they appear in subsection (2) and substituting in each case the words “section 26 of the FSMA 2022”.
(11) Section 92 of the Variable Capital Companies Act 2018 is amended —(a)
by deleting subsection (1) and substituting the following subsection:“(1) Section 174 (except subsection (7)) and section 175 (except subsection (7)) of the FSMA 2022 apply in relation to an offence committed under this Part as they apply in relation to an offence committed under the FSMA 2022.”; and
(b)
by deleting the words “section 28B of the MAS Act” in subsection (2) and substituting the words “sections 174 and 175 of the FSMA 2022”.
“(1) Section 174 (except subsection (7)) and section 175 (except subsection (7)) of the FSMA 2022 apply in relation to an offence committed under this Part as they apply in relation to an offence committed under the FSMA 2022.”; and
(12) Section 95 of the Variable Capital Companies Act 2018 is amended by deleting subsection (5).
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