The Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024

Decisions: written notices

4.—(1) Paragraph (2) applies where the PRA determines an application under subsection (2) of section 138BA of FSMA 2000, or gives a permission under that subsection with the consent of the person concerned.

(2) The PRA must give the applicant or the person concerned a written notice stating—

(a) its decision,

(b) the conditions (if any) to which the permission is subject,

(c) where—

(i) the PRA refuses an application under section 138BA(2), or

(ii) the PRA gives a permission under section 138BA(2) subject to conditions under section 138BA(4)(a), unless the person concerned consents to those conditions,

the reasons on which the decision is based, and

(d) if the permission is given, the date on which the permission takes effect.

(3) Where the PRA revokes or varies a permission under section 138BA(4)(b), it must give the person concerned a written notice stating—

(a) that the permission is revoked or varied,

(b) unless the person concerned consents to the revocation or variation (including any conditions to which the permission is subject), the reasons on which the decision is based,

(c) if the permission is varied, the conditions (if any) to which the permission is subject, and

(d) the date on which the revocation or variation takes effect.