C1F1PART 4APermission to carry on regulated activities
Pt. 4A excluded by S.I. 1998/1870, reg. 14(2)(c) (as substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(5)(b))
Application for permission
55EGiving permission: the FCA
1
This section applies where the FCA is the appropriate regulator in relation to an application for permission under section 55A.
2
The FCA may give permission for the applicant to carry on the regulated activity or activities to which the application relates or such of them as may be specified in the permission.
3
If the applicant is a member of a group which includes a PRA-authorised person, the FCA must consult the PRA before determining the application.
4
If it gives permission, the FCA must specify the permitted regulated activity or activities, described in such manner as the FCA considers appropriate.
5
The FCA may—
a
incorporate in the description of a regulated activity such limitations (for example as to circumstances in which the activity may, or may not, be carried on) as it considers appropriate;
b
specify a narrower or wider description of regulated activity than that to which the application relates;
c
give permission for the carrying on of a regulated activity which is not included among those to which the application relates and is not a PRA-regulated activity.
Pt. 4A substituted for ss. 40-55 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 11(2), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.