Regulation 55 Variation and cancellation of an exemption under regulation 47F1

(1)

In respect of a person to whom regulation 47 applies, a regulator may—

(a)

remove a regulated activity from those in respect of which the exemption has effect,

(b)

cancel the exemption and direct that regulation 28 is to apply to the person, or

(c)

cancel the exemption.

(2)

A regulator may only exercise the power in paragraph (1)(a) or (c), if it considers that the exercise of the power is necessary—

(a)

for the prevention, detection, investigation or prosecution of a criminal offence;

(b)

for the protection of consumers;

(c)

in order for the regulator to advance its objectives under Part 1A of the 2000 Act.

(3)

In exercising the power in paragraph (1)(b), the regulator must take into account—

(a)

the person’s conduct,

(b)

the practicality of supervision by a regulator,

(c)

the size of the person’s undertaking, and

(d)

the nature or extent of the regulated activity the person carries on.

(4)

Before exercising the power in paragraph (1)—

(a)

the PRA must consult the FCA;

(b)

the FCA must consult the PRA if, were the person to be an authorised person (within the meaning of section 31 of the 2000 Act), the person to whom regulation 47 applies would be carrying on one or more PRA-regulated activities (within the meaning of section 22A of the 2000 Act).

Annotations

Textual amendments

F1: Pt. 7 inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 3