PART 2FCA powers over Miscellaneous BM persons
FCA’s power to impose requirements6
1
The FCA may exercise its power under paragraph (2) in relation to a Miscellaneous BM person if it appears to the FCA that—
a
the Miscellaneous BM person has contravened or is likely to contravene a relevant requirement;
b
it is desirable for the FCA to exercise its powers in order to advance any of its operational objectives; or
c
it is desirable for the FCA to exercise its powers order to facilitate the performance of its functions under the EU Benchmarks Regulation 2016.
2
The FCA’s power under this paragraph is a power to—
a
impose a requirement that the FCA considers appropriate;
b
vary a requirement already imposed under this paragraph; or
c
cancel such a requirement.
3
The FCA may, on the application of the Miscellaneous BM person—
a
impose a requirement that the FCA considers appropriate;
b
vary a requirement already imposed by the FCA; or
c
cancel such a requirement.
4
The FCA may refuse an application under paragraph (3) if it appears to the FCA that—
a
the Miscellaneous BM person has contravened or is likely to contravene a relevant requirement;
b
it is desirable to do so in order to advance any of the FCA’s operational objectives; or
c
it is desirable to do so in order to facilitate the performance of the FCA’s functions under the EU Benchmarks Regulation 2016.
5
Where the FCA refuses an application under paragraph (3), section 55X of the Act (determination of applications: warning notices and decision notices) applies as if—
a
the reference in section 55X(2) to “an application made under this Part” included applications made under paragraph (3) of this regulation;
b
the reference to section 55X(4) to “an application under this Part” included applications made under paragraph (3) of this regulation; and
c
each reference to a “regulator” were a reference to the FCA.
6
Where the FCA proposes to impose or vary a requirement or imposes or varies a requirement under paragraph (2), section 55Y of the Act11 (exercise of own-initiative power: procedure) applies as if—
a
each reference to either regulator’s own-initiative requirement power were a reference to the FCA’s power to impose a requirement under this regulation;
b
each reference to the regulator were a reference to the FCA, and each reference to either regulator were a reference to the FCA only;
c
each reference to an authorised person were a reference to a Miscellaneous BM person;
d
each reference to a variation of permission, or the imposition or variation of a requirement, were a reference to a restriction imposed on a Miscellaneous BM person under paragraph (2); and
e
the reference in subsection (12)12 to section 391(8) were a reference to section 391(8) as applied by these Regulations.