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Financial Services and Markets Act 2000

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Changes over time for: Section 313BB

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Point in time view as at 03/12/2015.

Changes to legislation:

Financial Services and Markets Act 2000, Section 313BB is up to date with all changes known to be in force on or before 20 February 2025. 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

[F1[F2313BBRevocation of requirements: applications by institutionsU.K.

This section has no associated Explanatory Notes

(1)This section applies where the [F3FCA] has imposed a requirement on an institution or a class of institutions under section 313A.

(2)The institution or any of the institutions in the class may apply to the [F3FCA] for the revocation of the requirement.

(3)The [F3FCA] must decide whether to revoke the requirement.

(4)In the case of a requirement imposed on a class of institutions, the [F3FCA] may decide to revoke it in relation to—

(a)the class;

(b)the class apart from one or more specified members of it; or

(c)one or more specified members of the class only.

(5)The [F3FCA] must give a warning notice if—

(a)in the case of a requirement imposed on an institution, the [F3FCA] proposes not to revoke the requirement, or

(b)in the case of a requirement imposed on a class, the [F3FCA] proposes to make a decision which would have the effect that the requirement continues to apply to the applicant (whether or not it would have the effect that it continues to apply to other members of the class).

(6)The warning notice must be given to—

(a)the applicant, and

(b)the issuer of the financial instrument in question (if any).]]

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