Source: http://www.legislation.gov.uk/ukpga/2000/8/section/66
Timestamp: 2018-01-20 17:29:19
Document Index: 437666867

Matched Legal Cases: ['art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2']

s. 66 applied (with modifications) by S.I. 2013/1882 art. 3(3)
s. 66(2) omitted by 2013 c. 33 s. 32(1)(b)
s. 66(2)(b) word omitted by S.I. 2013/1773 Sch. 1 para. 8
s. 66(3A) word substituted by 2013 c. 33 Sch. 3 para. 5(3)
s. 66(3B) words substituted by 2013 c. 33 Sch. 3 para. 5(4)
s. 66(3C) word substituted by 2013 c. 33 Sch. 3 para. 5(5)
s. 66(3D)(a) word omitted by 2013 c. 33 Sch. 3 para. 5(6)(b)
s. 66(3D)(a) words substituted by 2013 c. 33 Sch. 3 para. 5(6)(a)
s. 66(3D)(b) word substituted by 2013 c. 33 Sch. 3 para. 5(6)(c)
s. 66(4) words substituted by 2013 c. 33 s. 28(5)
s. 66(6) omitted by 2013 c. 33 s. 32(1)(b)
s. 66(7) omitted by 2013 c. 33 s. 32(1)(b)
s. 66(9) word substituted by 2013 c. 33 Sch. 3 para. 5(7)
(1)[F1A regulator] may take action against a person under this section [F2(whether or not it has given its approval in relation to the person)] if—
(a)it appears to the [F3regulator] that he is guilty of misconduct; and
(b)the [F4regulator] is satisfied that it is appropriate in all the circumstances to take action against him.
[F5(2)For the purposes of action by the FCA, a person is guilty of misconduct if, while an approved person—
(3)If the [F6regulator] is entitled to take action under this section against a person, [F7it may do one or more of the following—]—
[F8(aa)suspend, for such period as it considers appropriate, any approval of the performance by him of any function to which the approval relates;
[F9(3A)The period for which a suspension or restriction is to have effect may not exceed two years.
(3D)[F10The regulator taking action under this section] may—
(4)[F11A regulator] may not take action under this section after the end of the period of [F12three years] beginning with the first day on which [F13the regulator] knew of the misconduct, unless proceedings in respect of it against the person concerned were begun before the end of that period.
(a)[F14a regulator] is to be treated as knowing of misconduct if it has information from which the misconduct can reasonably be inferred; and
[F15(5A)“Approval” means an approval given under section 59.]
[F16(6)“Approved person” means a person in relation to whom an approval is given under that section.]
(7)“Relevant authorised person”, in relation to an approved person, means the person on whose application approval F17. . . was given.
[F18(8)In relation to any time while a suspension is in force under subsection (3)(aa) in relation to part of a function, any reference in section 59 or 63A to the performance of a function includes the performance of part of a function.
F1Words in s. 66(1) substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 14(2)(a)(i) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
F2Words in s. 66(1) inserted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 14(2)(a)(ii) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
F3Word in s. 66(1)(a) substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 14(2)(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
F4Word in s. 66(1)(b) substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 14(2)(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
F5S. 66(2)(2A) substituted for s. 66(2) (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 14(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
F6Word in s. 66(3) substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 14(4) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
F7Words in s. 66(3) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 12(2)(a), 26(2)(b)
F8S. 66(3)(aa)(ab) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 12(2)(b), 26(2)(b)
F9S. 66(3A)-(3D) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 12(3), 26(2)(b)
F10Words in s. 66(3D) substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 14(5) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
F11Words in s. 66(4) substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 14(6)(a) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
F12Words in s. 66(4) substituted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 12(4), 26(2)(b)
F13Words in s. 66(4) substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 14(6)(b) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
F14Words in s. 66(5)(a) substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 14(7) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
F15S. 66(5A) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 8(2)
F16S. 66(6) substituted (24.1.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 5 para. 14(8) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2
F17Words in s. 66(7) omitted (8.6.2010) by virtue of by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 8(3)
F18S. 66(8)(9) inserted (8.6.2010) by Financial Services Act 2010 (c. 28), ss. 24(1), 26(2)(d)(e), Sch. 2 para. 8(4)
C2Ss. 66-70 applied (with modifications) (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2)(c), 95, Sch. 5 para. 1 (with reg. 3)