There are currently no known outstanding effects for the Financial Services and Markets Act 2023, Paragraph 10.
10(1)Section 55Y (exercise of own-initiative power: procedure) is amended as follows.U.K.
(2)After subsection (1) insert—
“(1A)This section also applies to an exercise of the FCA’s power under subsection (5)(b) of section 55NA to vary of its own initiative a permission given under that section to an authorised person (“A”).
(1B)References in this section to a regulator’s own initiative variation power are to be taken as including the power mentioned in subsection (1A).”
(3)For subsection (4) substitute—
“(4)If either regulator—
(a)proposes to vary a Part 4A permission or to impose or vary a requirement,
(b)varies a Part 4A permission, or imposes or varies a requirement, with immediate effect,
(c)proposes to vary a permission under section 55NA, or
(d)varies permission under section 55NA with immediate effect,
it must give A written notice.”
Commencement Information
I1Sch. 5 para. 10 not in force at Royal Assent, see s. 86(3)
I2Sch. 5 para. 10 in force at 6.9.2023 for specified purposes by S.I. 2023/936, reg. 2(1)(a)(2)(b)(ii)
I3Sch. 5 para. 10 in force at 6.11.2023 for specified purposes by S.I. 2023/936, reg. 2(1)(b)(2)(b)(ii)(4)
I4Sch. 5 para. 10 in force at 7.2.2024 in so far as not already in force by S.I. 2023/936, reg. 2(3)
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