Financial Services and Markets Act 2000

[F1 63ZB Variation of senior manager's approval on initiative of regulator U.K.

(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, F2 ...

(d) [F3 where the approval has effect for an unlimited period,] limiting the period for which the approval is to have effect [F4 , or

(e) where the approval has effect for a limited period, varying that period or removing the limit on 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.

[F5 (4A) Before one regulator varies an approval which was last varied 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

F1 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))

F2 Word in s. 63ZB(3)(c) omitted (6.7.2016) by virtue of Bank of England and Financial Services Act 2016 (c. 14), ss. 23(4)(a), 41(3); S.I. 2016/627, reg. 2(1)(q)

F3 Words in s. 63ZB(3)(d) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(4)(b), 41(3); S.I. 2016/627, reg. 2(1)(q)

F4 S. 63ZB(3)(e) and word inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(4)(c), 41(3); S.I. 2016/627, reg. 2(1)(q)

F5 S. 63ZB(4A) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(4)(d), 41(3); S.I. 2016/627, reg. 2(1)(q)