Section 18

Section 59 of FSMA 2000 (approval for particular arrangements) is amended as follows. Omit subsection (5). For subsection (6) substitute— The PRA may specify a description of function under subsection (3)(a) only if, in relation to the carrying on of a regulated activity by a PRA-authorised person, it is satisfied that the function is a senior management function as defined in section 59ZA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Omit subsections (7) to (7B) and (11).

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Source: legislation.gov.uk · retrieved 2026-09-04