C1C4C8C7F1PART 4APermission to carry on regulated activities
Pt. 4A excluded by S.I. 1998/1870, reg. 14(2)(c) (as substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(5)(b))
Pt. 4A modified (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 31(6)
Pt. 4A modified (7.11.2018) by The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), regs. 1(2), 5-7 (with regs. 4, 8-19) (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2))
Pt. 4A modified by S.I. 2018/1149, reg. 43 (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 2)
Imposition and variation of requirements
C955LImposition of requirements by FCA
C51
Where a person has applied (whether to the FCA or the PRA) for a Part 4A permission or the variation of a Part 4A permission, the FCA may impose on that person such requirements, taking effect on or after the giving or variation of the permission, as the FCA considers appropriate.
C2C3C62
The FCA may exercise its power under subsection (3) in relation to an authorised person with a Part 4A permission (whether given by it or by the PRA) (“A”) if it appears to the FCA that—
a
A is failing, or is likely to fail, to satisfy the threshold conditions for which the FCA is responsible,
b
A has failed, during a period of at least 12 months, to carry on a regulated activity to which the Part 4A permission relates, or
c
it is desirable to exercise the power in order to advance one or more of the FCA's operational objectives.
3
The FCA's power under this subsection is a power—
a
to impose a new requirement,
b
to vary a requirement imposed by the FCA under this section, or
c
to cancel such a requirement.
4
The FCA's power under subsection (3) is referred to in this Part as its own-initiative requirement power.
5
The FCA may, on the application of an authorised person with a Part 4A permission—
a
impose a new requirement,
b
vary a requirement imposed by the FCA under this section, or
c
cancel such a requirement.
6
7
The FCA must consult the PRA before imposing or varying a requirement which relates to—
a
a person who is, or will on the granting of an application for Part 4A permission be, a PRA-authorised person, or
b
a person who is a member of a group which includes a PRA-authorised person.
Pt. 4A substituted for ss. 40-55 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 11(2), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.