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The Financial Conglomerates and Other Financial Groups Regulations 2004

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Changes over time for: Section 15

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Version Superseded: 01/01/2014

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The Financial Conglomerates and Other Financial Groups Regulations 2004, Section 15 is up to date with all changes known to be in force on or before 26 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Extension of power to vary Part IV permissionsU.K.

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15.—(1) Subject to paragraph (2), [F1a regulator] may exercise its [F2own-initiate variation power or own-initiative requirement power (within the meaning of Part 4A of the Act)] in relation to an authorised person, if it appears to it that it is desirable to do so for the purpose of—

(a)carrying out supplementary supervision in accordance with the conglomerates directive;

(b)acting in accordance with any of [F3Articles 133, 134, 136, 138, 141, 142 or 143] of the banking consolidation directive (as they are applied by that directive or by [F3Article 2(1) or (2) and 37(1)] of the capital adequacy directive); or

(c)acting in accordance with Article 8(2) or Annex I.1.B of Directive 98/78/EC of the European Parliament and of the Council of 27 October 1998 on the supplementary supervision of insurance undertakings in an insurance group.

(2) [F4A regulator] may exercise its own-initiative power, for the purposes set out in paragraph (1), to vary a Part IV permission in any of the ways mentioned in [F5sections 55H(2), 55I(1), 55L(5)(b) or (c) or 55M(5)(b) or (c) of the Act]; and this extends to including any provision in the permission as varied that could be included if a fresh permission were given in response to an application under [F6section 55A] of the Act (application for permission).

(3) The duty imposed by [F7subsection (3) of section 55B] of the Act (the threshold conditions) does not prevent [F8a regulator] from exercising its own-initiative power for the purposes set out in paragraph (1).

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