59 Approval for particular arrangements
59 Approval for particular arrangements

(1)     An authorised person (“A”) must take reasonable care to ensure that no person performs a controlled function under an arrangement entered into by A in relation to the carrying on by A of a regulated activity, unless [that person is acting in accordance with an approval given by the appropriate regulator under this section].

(2)     An authorised person (“A”) must take reasonable care to ensure that no person performs a controlled function under an arrangement entered into by a contractor of A in relation to the carrying on by A of a regulated activity, unless [that person is acting in accordance with an approval given by the appropriate regulator under this section].

[(3)     “Controlled function”—

(a)     in relation to the carrying on of a regulated activity by a PRA-authorised person, means a function of a description specified in rules made by the FCA or the PRA, and

(b)     in relation to the carrying on of a regulated activity by any other authorised person, means a function of a description specified in rules made by the FCA.

(4)     “The appropriate regulator”—

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