Financial Services and Markets Act 2000

46 Variation of permission on acquisition of control. U.K.

(1) This section applies if it appears to the Authority that—

(a) a person has acquired control over a UK authorised person who has a Part IV permission; but

(b) there are no grounds for exercising its own-initiative power.

(2) If it appears to the Authority that the likely effect of the acquisition of control on the authorised person, or on any of its activities, is uncertain the Authority may vary the authorised person’s permission by—

(a) imposing a requirement of a kind that could be imposed under section 43 on giving permission; or

(b) varying a requirement included in the authorised person’s permission under that section.

(3) Any reference to a person having acquired control is to be read in accordance with Part XII.

Modifications etc. (not altering text)

C1 S. 46 amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(3); S.I. 2001/3538, art. 2(1)

S. 46 modified (temp. from 31.10.2001) by S.I. 2001/3374, arts. 1, 11

C2 Ss. 46, 47, 48, 49, 50, 51(2) modified (temp.) (8.4.2002) by The Financial Services and Markets Act 2000 (Permission and Applications) (Credit Unions etc.) Order 2002 (S.I. 2002/704), art. 7

C3 S. 46 applied (with modifications) (31.12.2011) by The Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011 (S.I. 2011/2832), art. 8

Commencement Information

I1 S. 46 wholly in force at 1.12.2001; s. 46 not in force at Royal Assent see s. 431(2); s. 46 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 46 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)