[F1 PART 4A U.K. Permission to carry on regulated activities

Textual Amendments

F1 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.

Modifications etc. (not altering text)

C1 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))

C2 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)

C3 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))

C4 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)

Imposition and variation of requirements U.K.

55O Imposition of requirements on acquisition of control U.K.

(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 [F2 or (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 [F4 and 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.]

Textual Amendments

F2 Words in s. 55O(1)(b) inserted (7.2.2024) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 5(2) (with s. 20(5)); S.I. 2023/936, reg. 2(3)

F3 Words in s. 55O(2)(a) substituted (7.2.2024) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 5(3) (with s. 20(5)); S.I. 2023/936, reg. 2(3)

F4 Words in s. 55O(3) inserted (7.2.2024) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 5 para. 5(4) (with s. 20(5)); S.I. 2023/936, reg. 2(3)