[F155MImposition of requirements by PRAU.K.
(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.]
Textual Amendments
F1Pt. 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.
Modifications etc. (not altering text)
C1S. 55M(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))