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The Financial Conglomerates and Other Financial Groups Regulations 2004
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- UK Statutory Instruments
- 2004 No. 1862
- PART 5
- Regulation 15
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Changes over time for: Section 15
Changes to legislation:
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 13 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.
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Changes and effects yet to be applied to Regulation 15:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Extension of power to vary Part IV permissionsU.K.
This section has no associated Explanatory Memorandum
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 [F3these Regulations];
F4(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) [F6A 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 [F7sections 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 [F8section 55A] of the Act (application for permission).
(3) The duty imposed by [F9subsection (3) of section 55B] of the Act (the threshold conditions) does not prevent [F10a regulator] from exercising its own-initiative power for the purposes set out in paragraph (1).
Textual Amendments
F1Words in reg. 15 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(12)(a) (with Sch. 2 para. 96)
F2Words in reg. 15(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(12)(b) (with Sch. 2 para. 96)
F3Words in reg. 15(1)(a) substituted (31.12.2020) by The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 2(11)(a) (with reg. 6) (as amended by S.I. 2020/1031, reg. 3, Sch. para. 15 and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4Reg. 15(1)(b) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 2(11)(b) (with reg. 6) (as amended by S.I. 2020/1031, reg. 3, Sch. para. 15 and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F5Reg. 15(1)(c) omitted (31.12.2020) by virtue of The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264), regs. 1, 2(11)(b) (with reg. 6) (as amended by S.I. 2020/1031, reg. 3, Sch. para. 15 and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in reg. 15(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(12)(c)(i) (with Sch. 2 para. 96)
F7Words in reg. 15(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(12)(c)(ii) (with Sch. 2 para. 96)
F8Words in reg. 15(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(12)(c)(iii) (with Sch. 2 para. 96)
F9Words in reg. 15(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(12)(d)(ii) (with Sch. 2 para. 96)
F10Words in reg. 15(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 95(12)(d)(i) (with Sch. 2 para. 96)
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