PART 3Transitional provisions

CHAPTER 2Authorisation and regulation of 2006 Act authorised persons

Proposal by the Regulator to vary authorisation: determination by the FCA43

1

This article applies where the Regulator—

a

gave written notice to a relevant person (“A”) under regulation 46(4) of the 2006 Regulations (cancellation, suspension and variation of authorisations) that the Regulator proposed to vary A’s authorisation; and

b

did not, on or before 1st April 2019, give written notice under regulation 47(1) of the 2006 Regulations (procedure for cancellation etc) of a decision to vary A’s authorisation.

2

The Regulator’s notice is to be treated as written notice given by the FCA under section 55Y(4) of the 2000 Act77, and for this purpose—

a

subsection (2) of that section does not apply to the notice;

b

the notice is taken to comply with subsection (5) of that section;

c

the notice is to be read—

i

as if the period specified in it for making a written submission (including any further period allowed under regulation 46(5) of the 2006 Regulations) were the period for making representations specified in accordance with section 55Y(5)(c) of the 2000 Act;

ii

as if a reference to the Regulator were a reference to the FCA; and

iii

with any other necessary modifications.