Part XIII Incoming Firms: Intervention by FCA or PRA
Supplemental
200 Rescission and variation of requirements.
(1)
F1Either regulator may rescind or vary a requirement imposed in exercise of its power of intervention on its own initiative or on the application of the person subject to the requirement.
(2)
(3)
Section 197 applies to the exercise of the power of the F4regulator on its own initiative to vary a requirement as it applies to the imposition of a requirement.
(4)
If the F5regulator proposes to refuse an application for the variation or rescission of a requirement, it must give the applicant a warning notice.
(5)
If F6either regulator decides to refuse an application for the variation or rescission of a requirement—
(a)
F7the regulator must give the applicant a decision notice; and
(b)
that person may refer the matter to the Tribunal.
F8201Effect of certain requirements on other persons
If either regulator, in exercising its power of intervention, imposes on an incoming firm a requirement of the kind mentioned in subsection (4) of section 55P, the requirement has the same effect in relation to the firm as it would have in relation to an authorised person if it had been imposed on the authorised person by the regulator acting under section 55L or 55M.
202 Contravention of requirement imposed under this Part.
(1)
Contravention of a requirement imposed by F9a regulator under this Part does not—
(a)
make a person guilty of an offence;
(b)
make any transaction void or unenforceable; or
(c)
(subject to subsection (2)) give rise to any right of action for breach of statutory duty.
(2)
In prescribed cases the contravention is actionable at the suit of a person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.