Sch 5 para 14
(1) Section 66 (disciplinary powers) is amended as follows. (2) In subsection (1)— (a) in the opening words— (i) for “The Authority” substitute “ A regulator ” , and (ii) after “this section” insert “ (whether or not it has given its approval in relation to the person) ” , and (b) in paragraphs (a) and (b), for “ Authority” substitute “ regulator ” . (3) For subsection (2) substitute— (2) For the purposes of action by the FCA, a person is guilty of misconduct if, while an approved person— (a) the person has failed to comply with a statement of principle issued by the FCA under section 64, or (b) the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person— (i) by or under this Act, or (ii) by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order. (2A) For the purposes of action by the PRA, a person is guilty of misconduct if, while an approved person in respect of the performance of a significant-influence function in relation to the carrying on by a PRA-authorised person of a regulated activity— (a) the person has failed to comply with a statement of principle issued by the PRA under section 64, or (b) the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person— (i) by or under this Act, or (ii) by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order. (4) In subsection (3), for “Authority” substitute “ regulator ” . (5) In subsection (3D), for “The Authority” substitute “ The regulator taking action under this section ” . (6) In subsection (4)— (a) for “The Authority”, in the first place, substitute “ A regulator ” , and (b) for “the Authority”, in the second place, substitute “ the regulator ” . (7) In subsection (5)(a), for “the Authority” substitute “ a regulator ” . (8) For subsection (6) substitute— (6) Approved person” means a person in relation to whom an approval is given under that section.