Part IV

Permission to Carry on Regulated Activities

Variation and cancellation of Part IV permission

Variation of permission on acquisition of control
46
1
This section applies if it appears to the Authority that—
a
a person has acquired control over a UK authorised person who has a Part IV permission; but
b
there are no grounds for exercising its own-initiative power.
2
If it appears to the Authority that the likely effect of the acquisition of control on the authorised person, or on any of its activities, is uncertain the Authority may vary the authorised person’s permission by—
a
imposing a requirement of a kind that could be imposed under section 43 on giving permission; or
b
varying a requirement included in the authorised person’s permission under that section.
3
Any reference to a person having acquired control is to be read in accordance with Part XII.