Part V

Performance of Regulated Activities

Approval

Exercise of power under section 63ZB: procedure
63ZC
1
This section applies to an exercise, by either regulator, of the power to vary an approval under section 63ZB.
2
A variation takes effect—
a
immediately, if the notice given under subsection (4) states that that is the case,
b
on such date as is specified in the notice, or
c
if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.
3
A variation may be expressed to take effect immediately (or on a specified date) only if the regulator concerned, having regard to the ground on which it is exercising the power to vary, reasonably considers that it is necessary for the variation to take effect immediately (or on that date).
4
If either regulator proposes to vary an approval or varies an approval with immediate effect, it must give each of the interested parties written notice.
5
The notice must—
a
give details of the variation,
b
state the regulator's reasons for the variation,
c
inform the interested parties that each of them may make representations to the regulator within such period as may be specified in the notice (whether or not any of the interested parties has referred the matter to the Tribunal),
d
inform the interested parties of when the variation takes effect, and
e
inform the interested parties of the right of each of them to refer the matter to the Tribunal.
6
“
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.
7
The regulator giving the notice may extend the period allowed under the notice for making representations.
8
If having considered the representations made by the interested parties, the regulator decides—
a
to vary the approval, or
b
if the variation has taken effect, not to rescind it,
it must give each of the interested parties written notice.
9
If having considered the representations made by the interested parties, the regulator decides—
a
not to vary the approval,
b
to vary the approval in a different way, or
c
if the variation has taken effect, to rescind it,
it must give each of the interested parties written notice.
10
A notice under subsection (8) must inform the interested parties of the right of each of them to refer the matter to the Tribunal.
11
A notice under subsection (9)(b) must comply with subsection (5).
12
If a notice informs the interested parties of the right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
13
For the purposes of subsection (2)(c), whether a matter is open to review is to be determined in accordance with section 391(8).
14
“
Approval
” means an approval under section 59.
Pt. 5 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))
Pt. 5 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), 23 (with regs. 4, 22, 26(1)(2)) (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))
Ss. 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))
Pt. 5 modified by S.I. 2018/1149, reg. 69 (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), 4)