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[F1PART 4AU.K.Permission to carry on regulated activities

Textual Amendments

F1Pt. 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.

Modifications etc. (not altering text)

C2Pt. 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)

Imposition and variation of requirementsU.K.

55OImposition of requirements on acquisition of controlU.K.

(1)This section applies if it appears to the appropriate regulator that—

(a)a person has acquired control over a UK authorised person who has a Part 4A permission, but

(b)there are no grounds for exercising its own-initiative requirement power.

(2)If it appears to the appropriate regulator that the likely effect of the acquisition of control on the UK authorised person, or on any of its activities, is uncertain, the appropriate regulator may—

(a)impose on the UK authorised person a requirement that could be imposed by that regulator under section 55L or 55M (as the case may be) on the giving of permission, or

(b)vary a requirement imposed by that regulator under that section on the UK authorised person.

(3)The appropriate regulator” means—

(a)in a case where the UK authorised person is a PRA-authorised person, the FCA or the PRA;

(b)in any other case, the FCA.

(4)This section does not affect any duty of the appropriate regulator to consult or obtain the consent of the other regulator in connection with the imposition of the requirement.

(5)Any reference to a person having acquired control is to be read in accordance with Part 12.]