Textual Amendments
F1Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 8(2), 86(3); S.I. 2023/779, reg. 4(e)
Textual Amendments
F2Pt. 5A Ch. 1 heading inserted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 2
(1)The FCA may by directions impose such requirements on a person, or such description of persons, relating to the carrying on of designated activities as the FCA considers appropriate.
(2)The power under subsection (1) is only exercisable in so far as designated activity regulations provide for the FCA to make directions relating to the designated activity.
(3)A requirement may, in particular, be imposed so as to require the person concerned—
(a)to take specified action, or
(b)to refrain from taking specified action.
(4)A requirement may extend to activities which are not designated activities.
(5)A direction under this section—
(a)may specify the way in which, and the time by which, a thing is to be done;
(b)may be varied;
(c)may be expressed to have effect during a specified period or until revoked.
(6)The FCA may at any time revoke a direction under this section by notice.
(7)The revocation of a direction does not affect the validity of anything previously done in accordance with it.
(8)A direction or notice under this section must be given in writing to the person or persons to whom it applies.
(9)But if in the circumstances the FCA considers it appropriate, the FCA may, in addition to, or instead of, proceeding under subsection (8), publish the direction or notice in the way appearing to the FCA to be best calculated to bring it to the attention of persons likely to be affected by it.
(10)Designated activity regulations may make provision for the exercise of the power under subsection (1) to be subject to such conditions as may be specified in the regulations.
(11)Provision under subsection (10) may (among other things) require, where the exercise of the power relates to a PRA-authorised person, consultation with the PRA.
(12)The imposition of a requirement that expires at the end of a specified period does not affect the FCA’s power to impose a new requirement.]