PART 4A

Permission to carry on regulated activities

Imposition and variation of requirements

Imposition of requirements by FCA
55L
1
Where a person has applied (whether to the FCA or the PRA) for a Part 4A permission or the variation of a Part 4A permission, the FCA may impose on that person such requirements, taking effect on or after the giving or variation of the permission, as the FCA considers appropriate.
2
The FCA may exercise its power under subsection (3) in relation to an authorised person with a Part 4A permission (whether given by it or by the PRA) (“A”) if it appears to the FCA that—
a
A is failing, or is likely to fail, to satisfy the threshold conditions for which the FCA is responsible,
b
A has failed, during a period of at least 12 months, to carry on a regulated activity to which the Part 4A permission relates, or
c
it is desirable to exercise the power in order to advance one or more of the FCA's operational objectives.
3
The FCA's power under this subsection is a power—
a
to impose a new requirement,
b
to vary a requirement imposed by the FCA under this section, or
c
to cancel such a requirement.
4
The FCA's power under subsection (3) is referred to in this Part as its own-initiative requirement power.
5
The FCA may, on the application of an authorised person with a Part 4A permission—
a
impose a new requirement,
b
vary a requirement imposed by the FCA under this section, or
c
cancel such a requirement.
6
The FCA may refuse an application under subsection (5) if it appears to it that it is desirable to do so in order to advance any of its operational objectives.
7
The FCA must consult the PRA before imposing or varying a requirement which relates to—
a
a person who is, or will on the granting of an application for Part 4A permission be, a PRA-authorised person, or
b
a person who is a member of a group which includes a PRA-authorised person.
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))
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.
S. 55L(2) modified by S.I. 1995/1442, reg. 49(2) (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. 12(c)(i))
S. 55L(2) modified (2.4.2013) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (S.I. 2013/655), arts. 1, 10(4)
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. 55L(1) modified (1.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (S.I. 2015/369), arts. 1, 7(4)
S. 55L(2) modified (1.4.2015) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (S.I. 2015/369), arts. 1, 7(5)