# The Financial Conglomerates and Other Financial Groups Regulations 2004, Regulation 15: Extension of power to vary Part IV permissions

Extent: E+W+S+N.I.

(1) Subject to paragraph (2), a regulator may exercise its own-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—
(a) carrying out supplementary supervision in accordance with these Regulations;
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) A 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 sections 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 section 55A of the Act (application for permission).
(3) The duty imposed by subsection (3) of section 55B of the Act (the threshold conditions) does not prevent a regulator from exercising its own-initiative power for the purposes set out in paragraph (1).

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Source: https://www.legislation.gov.uk/uksi/2004/1862/regulation/15 (the official version)
Page: https://openlegislation.uk/financial-conglomerates-and-other-financial-groups-regulations-2004/regulation-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.