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Amendment of section 33AQ of Act of 1942
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46. Section 33AQ of the Act of 1942 is amended—
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(a) by the substitution of the following subsections for subsections (1) and (2):
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“(1) At the conclusion of an inquiry held under section 33AO to determine whether or not a person is committing or has committed a prescribed contravention, the Bank shall make a finding as to whether, on the balance of probabilities, the person is committing or has committed the contravention.
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(2) At the conclusion of an inquiry held under section 33AO to determine whether or not a person is participating or has participated, while performing a relevant controlled function, in the commission by a regulated financial service provider of a prescribed contravention, the Bank shall make a finding as to whether, on the balance of probabilities, the person is so participating, or has so participated, in the commission by the regulated financial service provider of the contravention.
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(2A) For the purposes of making a finding under subsection (1) or (2) the Bank shall have regard to all relevant matters, including—
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(a) the final report, and any submissions, provided under section 33ANK(5), and
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(b) any evidence adduced or submissions made during the inquiry.”,
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(b) in subsection (3)—
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(i) in the words before paragraph (a)—
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(I) by the substitution of “person” for “regulated financial service provider”, and
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(II) by the substitution of “the person” for “the financial service provider”,
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(ii) in paragraph (b), by the insertion of “in the case of a regulated financial service provider,” before “a direction”,
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(iii) in paragraphs (ca), (cb), (cc) and (cd), by the insertion of “regulated” before “financial” in each place where it occurs,
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(iv) by the substitution of the following paragraphs for paragraph (d):
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“(d) in the case of a natural person, a direction disqualifying the person, for such period as the Bank considers appropriate, from performing, in relation to all regulated financial service providers or in relation to such regulated financial service provider or providers as may be specified in the direction—
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(i) any controlled function,
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(ii) a particular controlled function, or
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(iii) a specified part of a controlled function or functions;
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(da) in the case of a natural person, a direction imposing such conditions as the Bank considers appropriate on the performance by the person, in relation to all regulated financial service providers or in relation to such regulated financial service provider or providers as may be specified in the direction, of—
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(i) any controlled function,
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(ii) such controlled function or functions as may be specified in the direction, or
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(iii) such part or parts of a controlled function or functions as may be specified in the direction;”,
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and
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(v) in paragraph (e), by the substitution of “person” for “financial service provider” in each place where it occurs,
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(c) in paragraphs (a) and (b) of subsection (4), by the substitution of “in the case of” for “if the financial service provider is” in each place where it occurs,
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(d) in subsection (5)—
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(i) in the words before paragraph (a)—
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(I) by the deletion of “concerned in the management of a regulated financial service provider”, and
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(II) by the substitution of “by a regulated financial service provider” for “by the financial service provider”,
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and
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(ii) by the substitution of the following paragraphs for paragraph (c):
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“(c) a direction disqualifying the person, for such period as the Bank considers appropriate, from performing, in relation to all regulated financial service providers or in relation to such regulated financial service provider or providers as may be specified in the direction—
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(i) any controlled function,
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(ii) such controlled function or functions as may be specified in the direction, or
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(iii) such part or parts of a controlled function or functions as may be specified in the direction;
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(ca) a direction imposing such conditions as the Bank considers appropriate on the performance by the person, in relation to all regulated financial service providers or in relation to such regulated financial service provider or providers as may be specified in the direction, of—
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(i) any controlled function,
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(ii) such controlled function or functions as may be specified in the direction, or
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(iii) such part or parts of a controlled function or functions as may be specified in the direction;”,
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(e) in subsection (7)—
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(i) by the substitution of “held under section 33AO to determine whether or not a person is committing or has committed a prescribed contravention,” for “relating to the conduct of a regulated financial service provider,”, and
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(ii) by the substitution of “the person” for “the financial service provider” in each place where it occurs,
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(f) in subsection (8)—
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(i) in the words before paragraph (a), by the substitution of “held under section 33AO to determine whether or not a person is participating or has participated, while performing a relevant controlled function, in the commission by a regulated financial service provider of a prescribed contravention,” for “relating to the conduct of a person concerned in the management of a regulated financial service provider,”,
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(ii) in paragraph (a), by the insertion of “, while performing a relevant controlled function,” after “participated”, and
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(iii) in paragraph (c), by the insertion of “while performing a relevant controlled function” after “contravention”,
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and
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(g) by the insertion of the following subsection after subsection (8):
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“(8A) A notification under subsection (7) or (8) must also state that the person may, under Part VIIA, appeal against the finding, and any decision to impose a sanction, in accordance with section 33AW.”.
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