C1C2F1PART 4APermission to carry on regulated activities
Pt. 4A excluded by S.I. 1998/1870, reg. 14(2)(c) (as substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(5)(b))
Pt. 4A modified (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 31(6)
Variation and cancellation of Part 4A permission
55HVariation by FCA at request of authorised person
1
This section applies in relation to an authorised person who has a Part 4A permission but is not a PRA-authorised person.
2
The FCA may, on the application of the authorised person, vary the permission by—
a
adding a regulated activity, other than a PRA-regulated activity, to those to which the permission relates;
b
removing a regulated activity from those to which the permission relates;
c
varying the description of a regulated activity to which the permission relates.
3
The FCA may, on the application of the authorised person, cancel the permission.
4
The FCA may refuse an application under this section if it appears to it that it is desirable to do so in order to advance any of its operational objectives.
F24A
The FCA may also refuse an application under this section if it appears to the FCA that the authorised person would not comply with requirements in Part 5 of the Alternative Investment Fund Managers Regulations 2013 (AIFs which acquire control of non-listed companies and issuers) that would apply to the authorised person.
5
If the applicant is a member of a group which includes a PRA-authorised person, the FCA must consult the PRA before determining the application.
6
If as a result of a variation of a Part 4A permission under this section there are no longer any regulated activities for which the authorised person concerned has permission, the FCA must, once it is satisfied that it is no longer necessary to keep the permission in force, cancel it.
7
The FCA's power to vary a Part 4A permission under this section extends to including in the permission as varied any provision that could be included if a fresh permission were being given by it in response to an application under section 55A.
Pt. 4A substituted for ss. 40-55 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 11(2), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.