Version Superseded: 25/07/2014
Point in time view as at 01/04/2014. This version of this provision has been superseded.
Financial Services and Markets Act 2000, Section 59A is up to date with all changes known to be in force on or before 24 May 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)The FCA must—
(a)keep under review the exercise of its power under section 59(3)(a) to specify any significant-influence function as a controlled function, and
(b)exercise that power in a way that it considers will minimise the likelihood that approvals fall to be given by both the FCA and the PRA in respect of the performance by a person of significant-influence functions in relation to the carrying on of a regulated activity by the same PRA-authorised person.
(2)The FCA and the PRA must each consult the other before exercising any power under section 59(3)(a).
(3)Any reference in this section to the exercise of a power includes its exercise by way of amendment or revocation of provision previously made in the exercise of the power.
(4)“Approval” means an approval under section 59.
(5)Any expression which is used both in this section and section 59 has the same meaning in this section as in that section.]
Textual Amendments
F1Ss. 59A, 59B inserted (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. 14(2), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
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