C7 Part V Performance of Regulated Activities

Annotations:
Modifications etc. (not altering text)
C7

Pt. V (ss. 56-71) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))

Approval

I1C1C2C363 Withdrawal of approval.

C4F11

The FCA may withdraw an approval under section 59 given by the FCA or the PRA in relation to the performance by a person of a function if the FCA considers that the person is not a fit and proper person to perform the function.

1A

The PRA may withdraw an approval under section 59 in relation to the performance by a person (“A”) of a function if—

a

the PRA gave the approval, or the FCA gave the approval and the function is a F7relevant senior management function performed in relation to the carrying on by a PRA-authorised person of a regulated activity, and

b

the PRA considers that A is not a fit and proper person to perform the function.

F81B

In subsection (1A) “relevant senior management function” means a function which the PRA is satisfied is a senior management function as defined in section 59ZA (whether or not the function has been designated as such by the FCA).

1C

Before one regulator withdraws an approval given by the other regulator, it must consult the other regulator.

2

When considering whether to withdraw F2an approval, the FCA or the PRA may take into account any matter which could be taken into account in considering an application made under section 60 in respect of the performance of the function to which the approval relates F3(on the assumption, if it is not the case, that the application was one falling to be considered by it).

F62A

At least once a year each relevant authorised person must, in relation to every person in relation to whom an approval has been given on the application of the authorised person—

a

consider whether there are any grounds on which a regulator could withdraw the approval under this section, and

b

if the authorised person is of the opinion that there are such grounds, notify the regulator of those grounds.

(For the meaning of “relevant authorised person”, see section 71A.)

C4C53

If F4a regulator proposes to withdraw F5an approval, it must give each of the interested parties a warning notice.

C6C44

If F4a regulator decides to withdraw F5an approval, it must give each of the interested parties a decision notice.

C45

If F4a regulator decides to withdraw F5an approval, each of the interested parties may refer the matter to the Tribunal.

C46

“The interested parties”, in relation to an approval, are—

a

the person on whose application it was given (“A”);

b

the person in respect of whom it was given (“B”); and

c

the person by whom B’s services are retained, if not A.