Part XVIII

Recognised investment exchanges, clearing houses , CSDs and other parties
CHAPTER 2A

Performance of functions of recognised bodies

Approval

Varying approval on the appropriate regulator’s initiative
309R
1
The appropriate regulator may vary an approval under section
309G
if it considers it desirable to do so in order to advance a relevant objective.
2
For these purposes, “
relevant objective
” means—
a
if the appropriate regulator is the FCA, any of its operational objectives;
b
if the appropriate regulator is the Bank of England, the Financial Stability Objective.
3
The appropriate regulator may vary the approval by doing the following—
a
imposing a condition,
b
varying a condition,
c
removing a condition,
d
where the approval has effect for an unlimited period, limiting the period of the approval, or
e
where the approval has effect for a limited period, varying that period or removing the limit on the period.
4
A variation under this section takes effect—
a
immediately, if the notice given under subsection
(5)
states that to be the case,
b
on a date 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.
5
If the appropriate regulator proposes to vary an approval or varies an approval with immediate effect, it must give each of the interested parties written notice—
a
setting out details of the variation,
b
stating the reasons for the variation,
c
stating that each of the interested parties may make representations to the appropriate regulator within the period specified in the notice (whether or not any of the interested parties has referred the matter to the Tribunal),
d
stating when the variation takes effect, and
e
setting out each interested party’s right to refer the matter to the Tribunal.
6
A variation may be expressed to take effect immediately or on a specified date only if the appropriate regulator, having regard to its reason for varying the approval, reasonably considers that it is necessary for the variation to take effect immediately or on that date (as appropriate).
7
The appropriate regulator may extend the period allowed under the notice for making representations.
8
The appropriate regulator must give each of the interested parties written notice if, having considered the representations made, it decides—
a
to vary the approval, or
b
if the variation has taken effect, not to rescind it.
9
A notice under subsection
(8)
must inform the interested parties of the right of each of them to refer the matter to the Tribunal.
10
The appropriate regulator must give each of the interested parties written notice if, having considered the representations made, it decides—
a
not to vary the approval,
b
to vary the approval in a different way, or
c
if the variation has taken effect, to rescind it.
11
A notice under subsection
(10)(b)
must comply with the requirements set out in subsection
(5)(a)
to
(e)
.
12
A notice under this section which informs the interested parties of the right to refer a matter to the Tribunal must give an indication of the procedure on such a reference.
13
In this section, “
the interested parties
” has the same meaning as in section
309P
.
14
For the purposes of subsection
(4)(c)
, whether a matter is open to review is to be determined in accordance with section 391(8).
Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))
Pt. 18 heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(8) (with regs. 7(4), 9(1))
Words in Pt. 18 heading substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 18(2), 86(3); S.I. 2023/779, reg. 4(m)
Pt. 18 Ch. 2A inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 1