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Financial Services and Markets Act 2000

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[F163ZBVariation of senior manager's approval on initiative of regulatorU.K.

This section has no associated Explanatory Notes

(1)The FCA may vary an approval under section 59 given by the FCA or the PRA for the performance of a designated senior management function in relation to the carrying on of a regulated activity by a relevant authorised person if the FCA considers that it is desirable to do so in order to advance one or more of its operational objectives.

(2)The PRA may vary an approval under section 59 for the performance of a designated senior management function in relation to the carrying on of a regulated activity by a relevant authorised person if—

(a)either—

(i)the PRA gave the approval, or

(ii)the FCA gave the approval and the relevant authorised person is a PRA-authorised person, and

(b)the PRA considers that it is desirable to do so in order to advance any of its objectives.

(3)A regulator may vary an approval by—

(a)imposing a condition,

(b)varying a condition,

(c)removing a condition, or

(d)limiting the period for which the approval is to have effect.

(4)Before one regulator varies an approval given by the other regulator, it must consult the other regulator.

(5)In this section “designated senior management function” means a function designated as a senior management function under section 59(6A) or (6B).

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

Textual Amendments

F1Ss. 63ZA-63ZC inserted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 26, 148(5); S.I. 2015/490, art. 2(1)(c) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))

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