text_body: --- DIVISION TITLE ---
  
  Bank of England and Financial Services Bill - Misconduct
  
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  MPs were considering the Bank of England and Financial Services Bill[1]. 
  
  The amendment rejected in this vote was:
  
  :Amendment 8, page 20, line 10, at end add
  
  :âand insertâ
  
  :â(6) Where the authorised person mentioned in subsection (5) is a relevant authorised person, as defined under section 71A of the Financial Services and Markets Act 2000, subsection (5)(d) does not apply and subsections (7) and (8) do apply.
  
  :(6A) If the FCA satisfies itself that a person (P), who is a senior manager in relation to a relevant authorised person, is guilty of misconduct by virtue of subsections (5)(a)-(c), then P shall be guilty of misconduct, subject only to subsection (8).
  
  :(6B) But P is not guilty of misconduct by virtue of subsections (5)(a)-(c) and (7) if P satisfies the FCA that P had taken such steps as a person in Pâs position could reasonably be expected to take to avoid the contravention occurring (or continuing).â
  
  
  The amendment[2] would have added the above text to the end of clause 24 of the Bill[2] titled ''Misconduct''[3] which provided for amendments to [http://www.legislation.gov.uk/ukpga/2013/33/section/32/enacted Section 66B of the Financial Services and Markets Act 2000]
  
  Speaking during the debate prior to the vote MP Richard Burgon explained the intent of the rejected amendment[4]:
  
  :The presumption of responsibility, as currently set out in legislation, applies to senior managers. It means that to avoid being found guilty of misconduct when there has been a regulatory contravention in an area for which they are responsible, they will have to prove that they took reasonable steps to prevent that contravention. This Bill removes that onus on senior bankers.
  
  
  
  ==
  
  * [1] [http://services.parliament.uk/bills/2015-16/bankofenglandandfinancialservices.html Parliament's webpage on the Bank of England and Financial Services Bill (now an Act)]
  * [2] [http://www.publications.parliament.uk/pa/bills/cbill/2015-2016/0139/amend/bank_day_rep_0418.8-12.html Page of amendment paper containing this amendment]
  * [3] [http://www.publications.parliament.uk/pa/bills/cbill/2015-2016/0120/cbill_2015-20160120_en_3.htm#pt2-pb2-l1g24 Section of the Bill to which the amendment relates]
  * [4] [http://www.theyworkforyou.com/debates/?id=2016-04-19c.839.3#g849.0 Richard Burgon MP (Labour, Leeds East), House of Commons, Official Record, 19 April 2016]
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  (put thoughts and notes for other researchers here)
  