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Article 43 Proposal by the Regulator to vary authorisation: determination by the FCAI1I2

England, Wales and Scotland

(1)

This article applies where the Regulator—

(a)

gave written notice to a relevant person (“A”) under regulation 46(4) of the 2006 Regulations (cancellation, suspension and variation of authorisations) that the Regulator proposed to vary A’s authorisation; and

(b)

did not, on or before 1st April 2019, give written notice under regulation 47(1) of the 2006 Regulations (procedure for cancellation etc) of a decision to vary A’s authorisation.

(2)

The Regulator’s notice is to be treated as written notice given by the FCA under section 55Y(4) of the 2000 Actf1, and for this purpose—

(a)

subsection (2) of that section does not apply to the notice;

(b)

the notice is taken to comply with subsection (5) of that section;

(c)

the notice is to be read—

(i)

as if the period specified in it for making a written submission (including any further period allowed under regulation 46(5) of the 2006 Regulations) were the period for making representations specified in accordance with section 55Y(5)(c) of the 2000 Act;

(ii)

as if a reference to the Regulator were a reference to the FCA; and

(iii)

with any other necessary modifications.

Annotations

Commencement

I1

Art. 43 in force at 29.11.2018 for specified purposes, see art. 1(2)

I2

Art. 43 in force at 1.4.2019 in so far as not already in force, see art. 1(3)

Footnotes

f1

Section 55Y was inserted by the Financial Services Act 2012, section 11(2).