Financial Services and Markets Act 2000 (c. 8)

Part V U.K. Performance of Regulated Activities

Modifications etc. (not altering text)

C1 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 U.K.

[F1 63ZA Variation of senior manager's approval at request of relevant authorised person U.K.

(1) Where an [F2 approval under section 59 has effect] subject to conditions, the authorised person concerned may apply to the appropriate regulator to vary the approval by—

(a) varying a condition,

(b) removing a condition, or

(c) imposing a new condition.

[F3 (1A) Where an approval under section 59 has effect for a limited period, the authorised person concerned may apply to the appropriate regulator to vary the approval by—

(a) varying the period for which the approval is to have effect, or

(b) removing the limit on the period for which the approval is to have effect.]

(2) “The appropriate regulator”—

(a) in the case of an application for variation of an approval in a way described in subsection (1)(a) or (b), means

[F4 (i)] whichever of the FCA or the PRA imposed the condition concerned [F5 , or

(ii) if the condition has been varied before (under this section or section 63ZB), whichever of the FCA or the PRA last varied it];

(b) in the case of an application for variation of an approval in the way described in subsection (1)(c), means the regulator who gave the approval.

[F6 (c) in the case of an application for variation of an approval in a way described in subsection (1A), means—

(i) whichever of the FCA or the PRA imposed the limit on the period for which the approval has effect, or

(ii) if the limit has been varied before (under this section or section 63ZB), whichever of the FCA or the PRA last varied it.]

(3) The PRA must consult the FCA before determining an application under this section, unless the application relates to the variation or removal of a condition [F7 , or a limit on the period for which an approval has effect, which was imposed (or last varied)] by the PRA in exercise of its power under section 63ZB.

(4) The regulator to which an application is made under this section must, before the end of the period for consideration, determine whether—

(a) to grant the application; or

(b) to give a warning notice under section 62(2).

(5) “The period for consideration” means the period of 3 months beginning with the date on which the regulator receives the application.

(6) The FCA may refuse an application under this section if it appears to the FCA that it is desirable to do so in order to advance one or more of its operational objectives.

(7) The PRA may refuse an application under this section if it appears to the PRA that it is desirable to do so in order to advance any of its objectives.

[F8 (7A) An application may not be made under this section for the variation or removal of a condition, or a limit on the period for which an approval has effect, where the condition or limit has effect by virtue of section 66.]

(8) The following provisions apply to an application made under this section for variation of an approval as they apply to an application for approval made under section 60—

• section 60(2) to (8),

• section 61(4) and (5),

• section 62 [F9 , but as if in subsections (2), (3) and (4) the words “, or to grant the application subject to conditions or for a limited period (or both)” were omitted].]

Textual Amendments

F1 Ss. 63ZA-63ZC inserted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 26, 148(5); S.I. 2015/490, art. 2(1)(c) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

F2 Words in s. 63ZA(1) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(3)(a), 41(3); S.I. 2016/627, reg. 2(1)(q)

F3 S. 63ZA(1A) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(3)(b), 41(3); S.I. 2016/627, reg. 2(1)(q)

F4 Words in s. 63ZA(2)(a) renumbered as s. 63ZA(2)(a)(i) (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(3)(c), 41(3); S.I. 2016/627, reg. 2(1)(q)

F5 S. 63ZA(2)(a)(ii) and word inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(3)(c), 41(3); S.I. 2016/627, reg. 2(1)(q)

F6 S. 63ZA(2)(c) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(3)(d), 41(3); S.I. 2016/627, reg. 2(1)(q)

F7 Words in s. 63ZA(3) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(3)(e), 41(3); S.I. 2016/627, reg. 2(1)(q)

F8 S. 63ZA(7A) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(3)(f), 41(3); S.I. 2016/627, reg. 2(1)(q)

F9 Words in s. 63ZA(8) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(3)(g), 41(3); S.I. 2016/627, reg. 2(1)(q)