Article 16 Variation and cancellation of an exemption under article 12

(1)

Subject to the other provisions of this article, and in respect of a person to whom article 12 applies, the FCA may by notice—

(a)

impose on that person such conditions relating to the exemption as the FCA considers appropriate;

(b)

cancel the exemption in whole or in part.

(2)

The FCA may only exercise the power in paragraph (1) if—

(a)

it considers that the exercise of the power is necessary in order to advance one or more of its operational objectives set out in section 1B(3) of the Act, or

(b)

following the main commencement day, the person referred to in paragraph (1) has ceased to carry on a regulated activity in respect of which the exemption has effect under article 13.

(3)

If the FCA—

(a)

proposes to exercise the power in paragraph (1), it must give the person concerned a warning notice;

(b)

decides to exercise the power in paragraph (1), it must give the person concerned a decision notice.

(4)

A notice given under paragraph (3)(b) must state when the decision takes effect.

(5)

Sections 393 (third party rights)^f1 and 394 (access to FCA or PRA material) of the Act apply in the respect of the giving of notices under this article as they apply to notices mentioned in section 392 of the Act.

(6)

A person in respect of whom the power under paragraph (1) is exercised may refer the decision to exercise the power to the Tribunal.

Annotations

Footnotes

f1: Section 393 was amended by paragraph 32 of the Financial Services Act 2012.