F1PART 4APermission to carry on regulated activities
Imposition and variation of requirements
55MImposition of requirements by PRA
1
Where—
a
a person has applied for a Part 4A permission in relation to activities which consist of or include a PRA-regulated activity,
b
a PRA-authorised person has applied for a Part 4A permission or the variation of a Part 4A permission, or
c
an authorised person other than a PRA-authorised person has applied for a Part 4A permission to be varied by adding to the regulated activities to which it relates one or more regulated activities which include a PRA-regulated activity,
the PRA may impose on that person such requirements, taking effect on or after the giving or variation of the permission, as the PRA considers appropriate.
2
The PRA may exercise its power under subsection (3) in relation to a PRA-authorised person with a Part 4A permission (“P”) if it appears to the PRA that—
a
P is failing, or is likely to fail, to satisfy the threshold conditions for which the PRA is responsible,
b
P 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 any of the PRA's objectives.
3
The PRA's power under this subsection is a power—
a
to impose a new requirement,
b
to vary a requirement imposed by the PRA under this section, or
c
to cancel such a requirement.
4
The PRA's power under subsection (3) is referred to in this Part as its own-initiative requirement power.
5
The PRA may, on the application of a PRA-authorised person with a Part 4A permission—
a
impose a new requirement,
b
vary a requirement imposed by the PRA under this section, or
c
cancel such a requirement.
6
The PRA 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 objectives.
7
The PRA must consult the FCA before imposing or varying a requirement.
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.