C1C3F1PART 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)
Procedure
C2C8C755YExercise of own-initiative power: procedure
1
This section applies to an exercise of either regulator's own-initiative variation power or own-initiative requirement power in relation to an authorised person (“A”).
2
A variation of a permission or the imposition or variation of a requirement takes effect—
a
immediately, if the notice given under subsection (4) states that that is the case,
b
on such date as may be specified in the notice, or
c
if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.
3
A variation of a permission, or the imposition or variation of a requirement, may be expressed to take effect immediately (or on a specified date) only if the regulator concerned, having regard to the ground on which it is exercising its own-initiative variation power or own-initiative requirement power, reasonably considers that it is necessary for the variation, or the imposition or variation of the requirement, to take effect immediately (or on that date).
4
If either regulator proposes to vary a Part 4A permission or to impose or vary a requirement, or varies a Part 4A permission or imposes or varies a requirement, with immediate effect, it must give A written notice.
C45
The notice must—
a
give details of the variation of the permission or the requirement or its variation,
b
state the regulator's reasons for the variation of the permission or the imposition or variation of the requirement,
c
inform A that A may make representations to the regulator within such period as may be specified in the notice (whether or not A has referred the matter to the Tribunal),
d
inform A of when the variation of the permission or the imposition or variation of the requirement takes effect, and
e
inform A of A's right to refer the matter to the Tribunal.
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The regulator may extend the period allowed under the notice for making representations.
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If, having considered any representations made by A, the regulator decides—
a
to vary the permission, or impose or vary the requirement, in the way proposed, or
b
if the permission has been varied or the requirement imposed or varied, not to rescind the variation of the permission or the imposition or variation of the requirement,
it must give A written notice.
8
If, having considered any representations made by A, the regulator decides—
a
not to vary the permission, or impose or vary the requirement, in the way proposed,
b
to vary the permission or requirement in a different way, or impose a different requirement, or
c
to rescind a variation or requirement which has effect,
it must give A written notice.
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A notice under subsection (7) must inform A of A's right to refer the matter to the Tribunal.
10
A notice under subsection (8)(b) must comply with subsection (5).
11
If a notice informs A of A's right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
12
For the purposes of subsection (2)(c), whether a matter is open to review is to be determined in accordance with section 391(8).
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.