Section 63ZB Variation of senior manager's approval on initiative of regulatorF1

United Kingdom

(1)

The FCA may vary an approval under section 59 given by the FCA or the PRA for the performance of a designated senior management function in relation to the carrying on of a regulated activity by F2an authorised person if the FCA considers that it is desirable to do so in order to advance one or more of its operational objectives.

(2)

The PRA may vary an approval under section 59 for the performance of a designated senior management function in relation to the carrying on of a regulated activity by F3an authorised person if—

(a)

either—

(i)

the PRA gave the approval, or

(ii)

the FCA gave the approval and the F4... authorised person is a PRA-authorised person, and

(b)

the PRA considers that it is desirable to do so in order to advance any of its objectives.

(3)

A regulator may vary an approval by—

(a)

imposing a condition,

(b)

varying a condition,

(c)

removing a condition, F5...

(d)

F6where the approval has effect for an unlimited period, limiting the period for which the approval is to have effect F7, or

(e)

where the approval has effect for a limited period, varying that period or removing the limit on the period for which the approval is to have effect.

(4)

Before one regulator varies an approval given by the other regulator, it must consult the other regulator.

(F84A)

Before one regulator varies an approval which was last varied by the other regulator, it must consult the other regulator.

F9(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Ss. 63ZA-63ZC inserted (7.3.2016) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 26, 148(5); S.I. 2015/490, art. 2(1)(c) (with savings and transitional provisions in S.I. 2015/492 (as amended by S.I. 2015/1660))
F2: Word in s. 63ZB(1) substituted (13.9.2018 for specified purposes, 10.12.2018 for specified purposes, 18.7.2019 for specified purposes, 9.8.2019 for specified purposes, 9.12.2019 for specified purposes, 7.12.2020 in so far as not already in force) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 4 para. 10(2); S.I. 2018/990, reg. 2(1)(2)(3) (with regs. 3-6); S.I. 2019/1136, reg. 2(2)(3)(4)(5) (with regs. 3-5, 7)
F3: Word in s. 63ZB(2) substituted (13.9.2018 for specified purposes, 10.12.2018 for specified purposes, 18.7.2019 for specified purposes, 9.8.2019 for specified purposes, 9.12.2019 for specified purposes, 7.12.2020 in so far as not already in force) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 4 para. 10(3)(a); S.I. 2018/990, reg. 2(1)(2)(3) (with regs. 3-6); S.I. 2019/1136, reg. 2(2)(3)(4)(5) (with regs. 3-5, 7)
F4: Word in s. 63ZB(2)(a)(ii) omitted (13.9.2018 for specified purposes, 10.12.2018 for specified purposes, 18.7.2019 for specified purposes, 9.8.2019 for specified purposes, 9.12.2019 for specified purposes, 7.12.2020 in so far as not already in force) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 4 para. 10(3)(b); S.I. 2018/990, reg. 2(1)(2)(3) (with regs. 3-6); S.I. 2019/1136, reg. 2(2)(3)(4)(5) (with regs. 3-5, 7)
F5: Word in s. 63ZB(3)(c) omitted (6.7.2016) by virtue of Bank of England and Financial Services Act 2016 (c. 14), ss. 23(4)(a), 41(3); S.I. 2016/627, reg. 2(1)(q)
F6: Words in s. 63ZB(3)(d) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(4)(b), 41(3); S.I. 2016/627, reg. 2(1)(q)
F7: S. 63ZB(3)(e) and word inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(4)(c), 41(3); S.I. 2016/627, reg. 2(1)(q)
F8: S. 63ZB(4A) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 23(4)(d), 41(3); S.I. 2016/627, reg. 2(1)(q)
F9: S. 63ZB(5)(6) omitted (13.9.2018 for specified purposes, 10.12.2018 for specified purposes, 18.7.2019 for specified purposes, 9.8.2019 for specified purposes, 9.12.2019 for specified purposes, 7.12.2020 in so far as not already in force) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 4 para. 10(4); S.I. 2018/990, reg. 2(1)(2)(3) (with regs. 3-6); S.I. 2019/1136, reg. 2(2)(3)(4)(5) (with regs. 3-5, 7)

Notes on Part V

Modifications

C1: Pt. 5 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))
C2: Pt. 5 modified (7.11.2018) by The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), regs. 1(2), 23 (with regs. 4, 22, 26(1)(2)) (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2))
C3: Pt. 5 modified by S.I. 2018/1149, reg. 69 (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 4)