PART 4A

Permission to carry on regulated activities

Variation and cancellation of Part 4A permission

Variation by FCA at request of authorised person
55H
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
The FCA may, on the application of
an authorised person who has a Part 4A permission but is not a PRA-authorised person
, vary the permission by—
a
adding a regulated activity, other than a PRA-regulated activity, to those to which the permission relates;
b
removing a regulated activity from those to which the permission relates;
c
varying the description of a regulated activity to which the permission relates.
3
The FCA may, on the application of
an authorised person who has a Part 4A permission but is not a PRA-authorised person
, cancel the permission.
3A
The FCA may, on the application of a PRA-authorised person with a Part 4A permission, vary the permission by—
a
adding to the regulated activities to which the permission relates the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark),
b
removing that regulated activity from those to which the permission relates, or
c
varying the description of that regulated activity.
3B
The FCA must consult the PRA before exercising its power under subsection (3A).
4
The FCA may refuse an application under this section if it appears to it that it is desirable to do so in order to advance any of its operational objectives
, or the purpose for which the FCA must exercise its functions under Part 8B (see section
131U
(1)
).
4A
The
FCA
may also refuse an application under this section if it appears to the
FCA
that the authorised person would not comply with requirements in Part 5 of the Alternative Investment Fund Managers Regulations 2013 (
AIF
s which acquire control of non-listed companies and issuers) that would apply to the authorised person.
5
If
on an application under subsection (2) or (3)
the applicant is a member of a group which includes a PRA-authorised person, the FCA must consult the PRA before determining the application.
6
If as a result of a variation of a Part 4A permission under this section there are no longer any regulated activities for which the authorised person concerned has permission, the FCA must, once it is satisfied that it is no longer necessary to keep the permission in force, cancel it.
7
The FCA's power to vary a Part 4A permission under this section extends to including in the permission as varied any provision that could be included if a fresh permission were being given by it in response to an application under section 55A.
S. 55H(1) omitted (27.2.2018) by virtue of The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(5)(a)
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))
Words in s. 55H(5) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(5)(d)
Pt. 4A modified (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 31(6)
S. 55H(3A)(3B) inserted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(5)(c)
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.
Words in s. 55H(2) substituted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(5)(b)
Pt. 4A modified by S.I. 2018/1149, reg. 43 (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 2)
Words in s. 55H(4) inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(c), Sch. 8 para. 4
S. 55H(4A) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 4
Words in s. 55H(3) substituted (27.2.2018) by The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135), regs. 1(2), 40(5)(b)
Pt. 4A modified (7.11.2018) by The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), regs. 1(2), 5-7 (with regs. 4, 8-19) (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2))