C6 Part V Performance of Regulated Activities

Annotations:
Modifications etc. (not altering text)
C6

Pt. V (ss. 56-71) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))

Approval

C1I1C2C3C460 Applications for approval.

1

An application for the F1appropriate regulator's approval under section 59 may be made by the authorised person concerned.

2

The application must—

a

be made in such manner as the F1appropriate regulator may direct; and

b

contain, or be accompanied by, such information as the F1appropriate regulator may reasonably require.

F52A

If—

a

the application is for the approval of a person to perform a designated senior management function, and

b

the authorised person concerned is a relevant authorised person (see section 71A),

the appropriate regulator must require the application to contain, or be accompanied by, a statement setting out the aspects of the affairs of the authorised person concerned which it is intended that the person will be responsible for managing in performing the function.

2B

A statement provided under subsection (2A) is known as a “statement of responsibilities”.

2C

In subsection (2A) “designated senior management function” means a function designated as a senior management function under section 59(6A) or (6B).

C5F23

At any time after the application is received and before it is determined, the appropriate regulator may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application or, as the case requires, to decide whether to give consent.

4

The F1appropriate regulator may require an applicant to present information which he is required to give under this section in such form, or to verify it in such a way, as the F1appropriate regulator may direct.

5

Different directions may be given, and different requirements imposed, in relation to different applications or categories of application.

6

“The authorised person concerned” includes a person who has applied for permission under F3Part 4A and will be the authorised person concerned if permission is given.

F66A

Subsection (6) applies to references to a relevant authorised person as it applies to references to the authorised person concerned.

F47

The PRA must consult the FCA before—

a

giving a direction under subsection (2)(a) in relation to a class of applicants, or

b

imposing a requirement under subsection (2)(b) on a class of applicants.

8

The PRA must as soon as practicable notify the FCA of the receipt or withdrawal of an application to the PRA, unless the case is one in which by virtue of arrangements under section 59B the consent of the FCA is not required.

9

“The appropriate regulator”—

a

in relation to a controlled function which is of a description specified in rules made by the FCA, means the FCA;

b

in relation to a controlled function which is of a description specified in rules made by the PRA, means the PRA, and for the purposes of subsection (3) also includes the FCA in cases where the consent of the FCA is required.