F1PART 4APermission to carry on regulated activities

Imposition and variation of requirements

55OImposition of requirements on acquisition of control

(1)

This section applies if it appears to the appropriate regulator that—

(a)

a person has acquired control over a UK authorised person who has a Part 4A permission, but

(b)

there are no grounds for exercising its own-initiative requirement power F2or (as the case may be) the power under section 55NA(5)(b).

(2)

If it appears to the appropriate regulator that the likely effect of the acquisition of control on the UK authorised person, or on any of its activities, is uncertain, the appropriate regulator may—

(a)

impose on the UK authorised person a requirement that could be imposed by that regulator under section 55L F3, 55M or 55NA (as the case may be) on the giving of permission, or

(b)

vary a requirement imposed by that regulator under that section on the UK authorised person.

(3)

“The appropriate regulator” means—

(a)

in a case where the UK authorised person is a PRA-authorised person F4and the case does not relate to a requirement that is imposed (or that could be imposed) under section 55NA, the FCA or the PRA;

(b)

in any other case, the FCA.

(4)

This section does not affect any duty of the appropriate regulator to consult or obtain the consent of the other regulator in connection with the imposition of the requirement.

(5)

Any reference to a person having acquired control is to be read in accordance with Part 12.