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Amendment of section 25 of Act of 2010
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14. Section 25 of the Act of 2010 is amended—
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(a) in subsection (2)—
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(i) in paragraph (a), by the insertion of “or holding company” after “provider”,
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(ii) by the insertion of the following paragraph after paragraph (a):
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“(aa) subject to subsection (2A), if the person has performed a controlled function in relation to a regulated financial service provider or holding company within the period of 6 years immediately preceding the commencement of the investigation referred to in subsection (1),”,
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(iii) in paragraph (b)—
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(I) by the insertion of “or holding company” after “provider”, and
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(II) by the insertion of “in relation to it” after “function)”,
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and
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(iv) in paragraph (c)—
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(I) by the insertion of “or holding company” after “provider”, and
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(II) by the insertion of “in relation to it” after “function)”,
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(b) by the insertion of the following subsection after subsection (2):
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“(2A) Where the period from the date of commencement of paragraph (aa) of subsection (2) to the beginning of an investigation under subsection (1) is less than 6 years, that paragraph applies as if the reference to the period of 6 years were a reference to that shorter period.”,
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and
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(c) in subsection (3)—
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(i) in paragraph (a), by the deletion of “the part of a controlled function or any controlled function, as the case may be,”,
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(ii) by the substitution of the following paragraph for paragraph (c):
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“(c) the person has committed or participated in serious misconduct in relation to the affairs of a regulated financial service provider or holding company,”,
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and
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(iii) in paragraph (f), by the insertion of “or holding company” after “provider”.
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