Regulation 15 Extension of power to vary Part IV permissions

Subject to paragraph (2), F1a regulator may exercise its F2own-initiate variation power or own-initiative requirement power (within the meaning of Part 4A of the Act) in relation to an authorised person, if it appears to it that it is desirable to do so for the purpose of—

F6A regulator may exercise its own-initiative power, for the purposes set out in paragraph (1), to vary a Part IV permission in any of the ways mentioned in F7sections 55H(2), 55I(1), 55L(5)(b) or (c) or 55M(5)(b) or (c) of the Act; and this extends to including any provision in the permission as varied that could be included if a fresh permission were given in response to an application under F8section 55A of the Act (application for permission).

The duty imposed by F9subsection (3) of section 55B of the Act (the threshold conditions) does not prevent F10a regulator from exercising its own-initiative power for the purposes set out in paragraph (1).