Prospective
Imposition of requirements by the FCAU.K.
This section has no associated Explanatory Memorandum
8.—(1) The FCA may exercise its power under section 55L(3) of the Act (imposition of requirements by FCA) in relation to a person who immediately before 1st April 2015 had a Part 4A permission to carry on any of the activities in article 63O of the Regulated Activities Order, if it appears to the FCA that it is necessary to ensure regulation of any specified benchmark.
(2) Where the FCA exercises its power under section 55L(3) in accordance with paragraph (1), section 55Y(1) of the Act (exercise of own-initiative power: procedure) does not apply.
Commencement Information
I1Art. 8 in force at 1.4.2015, see art. 1
(1)
Inserted by the Financial Services Act 2012, section 11(2).