an individual,

a body corporate,

a partnership, or

an unincorporated association.

the FCA, in any other case.

in the case of the FCA, any of its operational objectives;

in the case of the PRA, any of its objectives.

in relation to the discharge of the functions of each regulator;

in relation to different regulated activities;

in relation to persons who carry on, or seek to carry on, activities that consist of or include a PRA-regulated activity and in relation to other persons.

who is a body incorporated in, or formed under the law of, or is an individual who is a national of, any country or territory outside the EEA, and

who is carrying on a regulated activity in any country or territory outside the United Kingdom in accordance with the law of that country or territory (“the overseas state”).

incorporate in the description of a regulated activity such limitations (for example as to circumstances in which the activity may, or may not, be carried on) as it considers appropriate;

specify a narrower or wider description of regulated activity than that to which the application relates;

give permission for the carrying on of a regulated activity which is not included among those to which the application relates and is not a PRA-regulated activity.

incorporate in the description of a regulated activity such limitations (for example as to circumstances in which the activity may, or may not, be carried on) as it considers appropriate;

specify a narrower or wider description of regulated activity than that to which the application relates;

give permission for the carrying on of a regulated activity which is not included among those to which the application relates.

in relation to a particular regulated activity, is exempt from the general prohibition as a result of section 39(1) or an order made under section 38(1), but

has applied for permission in relation to another regulated activity,

in relation to a particular regulated activity, is exempt from the general prohibition as a result of F2any of subsections (2) to (3C) of section 285, but

has applied for permission in relation to another regulated activity,

is a person to whom, in relation to a particular regulated activity, the general prohibition does not apply as a result of Part 19, but

has applied for permission in relation to another regulated activity,

treated by the other regulator as not being a valid application to that regulator because of the regulated activities to which it related, or

refused by the other regulator after being considered.

the additional work for the applicant in dealing with the new application, and

the time taken to deal with the new application.

adding a regulated activity, other than a PRA-regulated activity, to those to which the permission relates;

removing a regulated activity from those to which the permission relates;

varying the description of a regulated activity to which the permission relates.

adding a regulated activity to those to which the permission relates;

removing a regulated activity from those to which the permission relates;

varying the description of a regulated activity to which the permission relates.

A is failing, or is likely to fail, to satisfy the threshold conditions for which the regulator is responsible,

A has failed, during a period of at least 12 months, to carry on a regulated activity to which the Part 4A permission relates, F5...

in the case of the FCA, A has failed to comply with a requirement in Part 5 of the Alternative Investment Fund Managers Regulations 2013 (AIFs which acquire control of non-listed companies and issuers), or it is for some other reason desirable to exercise the power for the purposes of ensuring compliance with such a requirement.

to cancel the Part 4A permission.

in the case of a PRA-authorised person, to vary the Part 4A permission in any of the ways mentioned in section 55I(1) or to cancel it;

in the case of an authorised person who is not a PRA-authorised person, to vary the Part 4A permission by adding a PRA-regulated activity to those to which the permission relates and, if the PRA does so, to vary the Part 4A permission in any of the other ways mentioned in section 55I(1).

in the case of a PRA-authorised person, may exercise the power so as to add a new activity to those to which the permission relates or to widen the description of a regulated activity to which the permission relates, only with the consent of the PRA.

must consult the FCA before exercising its power under this section, and

may exercise the power so as to add a new activity to those to which the permission relates or to widen the description of a regulated activity to which the permission relates, only with the consent of the FCA.

the person has failed, during a period of at least six months, to carry on the regulated activity of managing an AIF;

the person obtained the Part 4A permission to carry on the regulated activity of managing an AIF by making a false statement or by any other irregular means;

in a case where the Part 4A permission includes permission to provide the discretionary portfolio management service referred to in Article 6.4(a) of the alternative investment fund managers directive, the person no longer complies with F9the capital requirements regulation or the capital requirements directive;

the person no longer meets the conditions that a person must meet in order to obtain a Part 4A permission to carry on the regulated activity of managing an AIF;

during a period of at least six months, the person has not carried on a relevant mortgage activity;

the person obtained the Part 4A permission to carry on a relevant mortgage activity by making a false statement or by any other irregular means;

the person no longer meets the conditions which the person was, in accordance with Chapter 11 of the mortgages directive, required to meet in order to be granted a Part 4A permission to carry on a relevant mortgage activity; or

the person has seriously or systematically infringed any provision made by or under this Act which implements the operating conditions for mortgage intermediaries set out in the mortgages directive.

an activity of a kind specified in article 25A (arranging regulated mortgage contracts), article 53A (advising on regulated mortgage contracts) or article 53DA (advising on regulated credit agreements the purpose of which is to acquire land) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, or

an activity of a kind specified in article 36A of that Order (credit broking) which is referred to in Article 33(1)(a) of the mortgages directive.

by or under this Act in pursuance of the UCITS Directive, or

by the Undertakings for Collective Investment in Transferable Securities Regulations 2011,

that the firm has failed, during a period of at least 6 months, to carry on a regulated activity which is an investment service or activity for which it has a Part 4A permission;

that the firm obtained the Part 4A permission by making a false statement or by other irregular means;

that the firm no longer satisfies the requirements for authorisation pursuant to Chapter I of Title II of the markets in financial instruments directive, or pursuant to or contained in any EU legislation made under that Chapter, in relation to a regulated activity which is an investment service or activity for which it has a Part 4A permission;

that the firm has seriously and systematically infringed the operating conditions pursuant to Chapter II of Title II of the markets in financial instruments directive, or pursuant to or contained in any EU legislation made under that Chapter, in relation to a regulated activity which is an investment service or activity for which it has a Part 4A permission.

that the insurance undertaking, reinsurance undertaking or third-country insurance undertaking has failed to comply with the appropriate capital requirement; and

except in a case within paragraph (b) or (c), the minimum capital requirement;

in the case of an insurance undertaking or reinsurance undertaking whose Part 4A permission relates to both contracts of long-term insurance and to contracts of general insurance, requirements imposed by or under this Act in pursuance of Article 74(2) of the Solvency 2 Directive;

in the case of a third-country insurance undertaking whose Part 4A permission relates both to contracts of long-term insurance and to contracts of general insurance, requirements imposed by or under this Act in pursuance of Articles 74(2) and 166 of the Solvency 2 Directive.

A is failing, or is likely to fail, to satisfy the threshold conditions for which the FCA is responsible,

A has failed, during a period of at least 12 months, to carry on a regulated activity to which the Part 4A permission relates, or

it is desirable to exercise the power in order to advance one or more of the FCA's operational objectives.

to impose a new requirement,

to vary a requirement imposed by the FCA under this section, or

to cancel such a requirement.

impose a new requirement,

vary a requirement imposed by the FCA under this section, or

cancel such a requirement.

a person who is, or will on the granting of an application for Part 4A permission be, a PRA-authorised person, or

a person who is a member of a group which includes a PRA-authorised person.

a person has applied for a Part 4A permission in relation to activities which consist of or include a PRA-regulated activity,

a PRA-authorised person has applied for a Part 4A permission or the variation of a Part 4A permission, or

an authorised person other than a PRA-authorised person has applied for a Part 4A permission to be varied by adding to the regulated activities to which it relates one or more regulated activities which include a PRA-regulated activity,

P is failing, or is likely to fail, to satisfy the threshold conditions for which the PRA is responsible,

P has failed, during a period of at least 12 months, to carry on a regulated activity to which the Part 4A permission relates, or

it is desirable to exercise the power in order to advance any of the PRA's objectives.

to impose a new requirement,

to vary a requirement imposed by the PRA under this section, or

to cancel such a requirement.

impose a new requirement,

vary a requirement imposed by the PRA under this section, or

cancel such a requirement.

so as to require the person concerned to take specified action, or

so as to require the person concerned to refrain from taking specified action.

the person's group, or

other members of the person's group.

a person has acquired control over a UK authorised person who has a Part 4A permission, but

there are no grounds for exercising its own-initiative requirement power.

impose on the UK authorised person a requirement that could be imposed by that regulator under section 55L or 55M (as the case may be) on the giving of permission, or

vary a requirement imposed by that regulator under that section on the UK authorised person.

in a case where the UK authorised person is a PRA-authorised person, the FCA or the PRA;

in any other case, the FCA.

on a person being given a Part 4A permission, either regulator imposes an assets requirement on that person,

an assets requirement is imposed on an authorised person, or

an assets requirement previously imposed on such a person is varied.

prohibiting the disposal of, or other dealing with, any of A's assets (whether in the United Kingdom or elsewhere) or restricting such disposals or dealings, or

that all or any of A's assets, or all or any assets belonging to consumers but held by A or to A's order, must be transferred to and held by a trustee approved by the appropriate regulator.

imposes a requirement of the kind mentioned in subsection (4)(a), and

gives notice of the requirement to any institution with whom A keeps an account,

the institution does not act in breach of any contract with A if, having been instructed by A (or on A's behalf) to transfer any sum or otherwise make any payment out of A's account, it refuses to do so in the reasonably held belief that complying with the instruction would be incompatible with the requirement, and

if the institution complies with such an instruction, it is liable to pay to the appropriate regulator an amount equal to the amount transferred from, or otherwise paid out of, A's account in contravention of the requirement.

A has given T written notice that those assets are to be held by T in accordance with the requirement, or

they are assets into which assets to which paragraph (a) applies have been transposed by T on the instructions of A.

because the PRA is of the opinion that the financial situation of the undertaking will deteriorate after the PRA has received the notification, the PRA imposes an assets requirement on the undertaking.

“assets requirement” has the same meaning as in section 55P(4); and

of a prescribed kind, and

acting in pursuance of provisions of a prescribed kind,

whether in the country or territory of the overseas regulator concerned, corresponding assistance would be given to a United Kingdom regulatory authority;

whether the case concerns the breach of a law, or other requirement, which has no close parallel in the United Kingdom or involves the assertion of a jurisdiction not recognised by the United Kingdom;

the seriousness of the case and its importance to persons in the United Kingdom;

whether it is otherwise appropriate in the public interest to give the assistance sought.

“UK regulator” means the FCA or the PRA;

“overseas regulator” means a regulator outside the United Kingdom;

“own-initiative powers”, in relation to the FCA or the PRA, means its own-initiative variation power and its own-initiative requirement power.

an application for a Part 4A permission,

whether to vary or cancel a Part 4A permission,

whether to impose or vary a requirement under this Part, or

whether to give any consent required by any provision of this Part,

giving permission in response to an application under section 55A made by a person who is connected with an EEA firm (other than an EEA firm falling within paragraph 5(e) of Schedule 3 (insurance and reinsurance intermediaries)), or

cancelling or varying a Part 4A permission given to such a person,

A is a subsidiary undertaking of the firm, or

A is a subsidiary undertaking of a parent undertaking of the firm.

a credit institution (“B”) makes an application for permission under section 55A; and

B is controlled by a person who also controls a credit institution, insurance undertaking or investment firm authorised in another EEA State.

in relation to either regulator, means a Part 4A permission which is in force in relation to an EEA firm or a Treaty firm, and

in relation to the FCA, also includes a Part 4A permission which is in force in relation to a person authorised as a result of paragraph 1(1) of Schedule 5.

the home state authorisation of the authorised person concerned,

any relevant directive, and

relevant provisions of the Treaty.

contain a statement of the regulated activity or regulated activities which the applicant proposes to carry on and for which the applicant wishes to have permission, and

give the address of a place in the United Kingdom for service on the applicant of any notice or other document which is required or authorised to be served on the applicant under this Act.

of the desired variation, and

of the regulated activity or regulated activities which the applicant proposes to carry on if the permission is varied.

be made in such manner as the regulator to which it is to be made may direct, and

contain, or be accompanied by, such other information as that regulator may reasonably require.

in a case where the application is made to the FCA, the FCA;

in a case where the application is made to the PRA, the FCA or the PRA.

giving a direction under this section in relation to a class of applications, or

imposing a requirement under this section in relation to a class of applications.

for Part 4A permission,

for the variation or cancellation of a Part 4A permission,

for the variation or cancellation of a requirement imposed under section 55L or 55M, or

for the imposition of a new requirement under either of those sections,

relates to the regulated activity of managing an AIF, and

would if granted result in the applicant becoming a full-scope UKAIFM,

to give a Part 4A permission but to exercise its power under section 55E(5)(a) or (b) or 55F(4)(a) or (b),

to give a Part 4A permission but to exercise its power under section 55L(1) or 55M(1) in connection with the application for permission,

to vary a Part 4A permission on the application of an authorised person but to exercise its power under section 55E(5)(a) or (b) or 55F(4)(a) or (b),

to vary a Part 4A permission but to exercise its power under section 55L(1) or 55M(1) in connection with the application for variation, or

in the case of the FCA, to exercise its power under section 55L(1) in connection with an application to the PRA for a Part 4A permission or the variation of a Part 4A permission,

the applicant is an EEA firm, and

the application is made with a view to carrying on a regulated activity in a manner in which the applicant is, or would be, entitled to carry on that activity in the exercise of an EEA right whether through a United Kingdom branch or by providing services in the United Kingdom.

to give a Part 4A permission but to exercise its power under section 55E(5)(a) or (b) or 55F(4)(a) or (b),

to give a Part 4A permission but to exercise its power under section 55L(1) or 55M(1) in connection with the giving of the permission,

to vary a Part 4A permission on the application of an authorised person but to exercise its power under section 55E(5)(a) or (b) or 55F(4)(a) or (b),

to vary a Part 4A permission on the application of an authorised person but to exercise its power under section 55L(1) or 55M(1) in connection with the variation,

in the case of the FCA, to exercise its power under section 55L(1) in connection with an application to the PRA for a Part 4A permission or the variation of a Part 4A permission, or

to refuse an application under this Part,

immediately, if the notice given under subsection (4) states that that is the case,

on such date as may be specified in the notice, or

if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.

give details of the variation of the permission or the requirement or its variation,

state the regulator's reasons for the variation of the permission or the imposition or variation of the requirement,

inform A that A may make representations to the regulator within such period as may be specified in the notice (whether or not A has referred the matter to the Tribunal),

inform A of when the variation of the permission or the imposition or variation of the requirement takes effect, and

inform A of A's right to refer the matter to the Tribunal.

to vary the permission, or impose or vary the requirement, in the way proposed, or

if the permission has been varied or the requirement imposed or varied, not to rescind the variation of the permission or the imposition or variation of the requirement,

not to vary the permission, or impose or vary the requirement, in the way proposed,

to vary the permission or requirement in a different way, or impose a different requirement, or

to rescind a variation or requirement which has effect,

the giving by it of a Part 4A permission to a credit institution, where the regulated activity to which the permission relates falls within paragraph 4 of Schedule 2, F11...

the cancellation by it of a Part 4A permission of a description falling within paragraph (a) F13and the reasons for the cancellation; or

the giving by it of a Part 4A permission to a credit institution whose head office is not in an EEA State.