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Amendment of section 33ANC of Act of 1942
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38. Section 33ANC of the Act of 1942 is amended—
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(a) in subsection (1)(b), by the substitution of “participation by a person, while concerned” for “participation, by a person concerned”,
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(b) in subsection (2), by the substitution of the following paragraph for paragraph (c):
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“(c) a reference in this Part to performing a controlled function in relation to a regulated financial service provider includes a reference to being concerned in the management of a financial holding company, mixed-financial holding company or mixed‑activity holding company.”,
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(c) by the insertion of the following subsection after subsection (2):
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“(2A) References in subsections (1) and (2) to a financial holding company, mixed financial holding company or mixed-activity holding company do not include references to a regulated financial service provider which is such a company.”,
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(d) by the deletion of subsection (3), and
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(e) in subsection (4), by the deletion of paragraph (b).
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