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Changes over time for: Section 55B


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Version Superseded: 27/02/2018
Status:
Point in time view as at 01/04/2014. This version of this provision has been superseded.

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Changes to legislation:
Financial Services and Markets Act 2000, Section 55B is up to date with all changes known to be in force on or before 22 May 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
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[55BThe threshold conditionsU.K.
This section has no associated Explanatory Notes
(1)“The threshold conditions”, in relation to a regulated activity, means the conditions set out in or specified under Schedule 6, as read with any threshold condition code made by either regulator under section 137O.
(2)Any reference in this Part to the threshold conditions for which either regulator is responsible is to be read as a reference to the conditions set out in or specified under Schedule 6 that are expressed to be relevant to the discharge by that regulator of its functions, as read with any threshold condition code made by that regulator under section 137O.
(3)In giving or varying permission, imposing or varying a requirement, or giving consent, under any provision of this Part, each regulator must ensure that the person concerned will satisfy, and continue to satisfy, in relation to all of the regulated activities for which the person has or will have permission, the threshold conditions for which that regulator is responsible.
(4)But the duty imposed by subsection (3) does not prevent a regulator, having due regard to that duty, from taking such steps as it considers are necessary, in relation to a particular person, in order to advance—
(a)in the case of the FCA, any of its operational objectives;
(b)in the case of the PRA, any of its objectives.]
Textual Amendments
Modifications etc. (not altering text)
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