{
  "url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-59",
  "json_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025/regulation-59.json",
  "legislation": "ukdsi/2025/9780348277586",
  "legislation_title": "The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025",
  "legislation_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025",
  "path": "regulation/59",
  "kind": "regulation",
  "number": "59",
  "heading": "Variation and cancellation of an exemption under regulation 56",
  "text": "(1) The FCA may by notice given to a person to whom the exemption under regulation 56 (temporary exemption relating to pre-existing contracts) applies—\n(a) cancel the exemption or part of the exemption;\n(b) impose on that person such conditions relating to the exemption, or part of the exemption, as the FCA consider appropriate.\n(2) The power to impose conditions and remove regulated activities under paragraph (1)(b) and (c) includes the power to impose a final day for the application of—\n(a) the exemption under regulation 56, or part of it;\n(b) any condition imposed under paragraph (1)(b).\n(3) Any final day imposed under paragraph (2) must be before the end of the period specified by regulation 55(9).\n(4) The FCA may only exercise the power under paragraph (1) where—\n(a) it considers that the exercise of the power is necessary for the—\n(i) prevention, detection, investigation, or prosecution of a criminal offence;\n(ii) protection of consumers;\n(iii) FCA to advance its objectives under Part 1A of the Act, or\n(b) on or after the relevant day, the person to whom regulation 56 applies has ceased carrying on a regulated activity covered by the exemption.\n(5) In an urgent case, where the FCA decides to exercise the power under paragraph (1), it must give a decision notice to the person to whom the decision relates.\n(6) A notice under paragraph (4) must state when the decision takes effect, which may be immediately upon receipt.\n(7) In any case other than an urgent case—\n(a) where the FCA proposes to exercise the power under paragraph (1), it must give the person a warning notice;\n(b) where the FCA decides to exercise the power under paragraph (1), it must give the person a decision notice.\n(8) Part 26 of the Act (notices) applies to a notice under paragraphs (1) and (4) as it applies to a notice given under the Act.\n(9) A person in respect of whom the power under paragraph (1) is exercised may refer the decision to exercise the power to the Tribunal.\n(10) Part 9 of the Act (hearings and appeals) applies to a reference to the Tribunal under paragraph (9) as it applies to a reference under the Act.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2025/9780348277586/regulation/59",
    "retrieved_at": "2026-10-30T14:38:18.364924+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}