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Financial Services Act 2012, Paragraph 4 is up to date with all changes known to be in force on or before 09 August 2024. 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.
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4(1)Section 60 (applications for approval), for “Authority” or “Authority's”, in each place, substitute “ appropriate regulator ” or “appropriate regulator's”.U.K.
(2)For subsection (3) substitute—
“(3)At any time after the application is received and before it is determined, the appropriate regulator may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application or, as the case requires, to decide whether to give consent.”
(3)In subsection (6), for “Part IV” substitute “ Part 4A ”.
(4)After subsection (6) insert—
“(7)The PRA must consult the FCA before—
(a)giving a direction under subsection (2)(a) in relation to a class of applicants, or
(b)imposing a requirement under subsection (2)(b) on a class of applicants.
(8)The PRA must as soon as practicable notify the FCA of the receipt or withdrawal of an application to the PRA, unless the case is one in which by virtue of arrangements under section 59B the consent of the FCA is not required.
(9)“The appropriate regulator”—
(a)in relation to a controlled function which is of a description specified in rules made by the FCA, means the FCA;
(b)in relation to a controlled function which is of a description specified in rules made by the PRA, means the PRA, and for the purposes of subsection (3) also includes the FCA in cases where the consent of the FCA is required.”
Commencement Information
I1Sch. 5 para. 4 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3
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