14 Approval for particular arrangements
Financial Services Act 2012 (2012 c 21) | Legislation

14  Approval for particular arrangements

(1)     In section 59 of FSMA 2000 (approval for particular arrangements)—

(a)     in subsections (1) and (2), for “the Authority” substitute “the appropriate regulator”, and

(b)     for subsections (3) to (7) substitute—

“(3)     Controlled function”—

(a)     in relation to the carrying on of a regulated activity by a PRA-authorised person, means a function of a description specified in rules made by the FCA or the PRA, and

(b)     in relation to the carrying on of a regulated activity by any other authorised person, means a function of a description specified in rules made by the FCA.

(4)     “The appropriate regulator”—

(a)     in relation to a controlled function which is of a description specified in rules made by the FCA, means the FCA, and

(b)     in relation to a controlled function which is of a description specified in rules made by the PRA, means the PRA with the consent of the FCA.

(5)     The FCA may specify a description of function under subsection (3)(a) or (b) only if, in relation to the carrying on of a regulated activity by an authorised person, it is satisfied that the function is—

(a)     a customer-dealing function, or

(b)     a

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