Part V Performance of Regulated Activities

Approval

F159ASpecifying functions as controlled functions: supplementary

(1)

The FCA must—

(a)

keep under review the exercise of its power under section 59(3)(a) to specify any significant-influence function as a controlled function, and

(b)

exercise that power in a way that it considers will minimise the likelihood that approvals fall to be given by both the FCA and the PRA in respect of the performance by a person of significant-influence functions in relation to the carrying on of a regulated activity by the same PRA-authorised person.

(2)

The FCA and the PRA must each consult the other before exercising any power under section 59(3)(a).

(3)

Any reference in this section to the exercise of a power includes its exercise by way of amendment or revocation of provision previously made in the exercise of the power.

(4)

“Approval” means an approval under section 59.

(5)

Any expression which is used both in this section and section 59 has the same meaning in this section as in that section.