Paragraph 10 I1I2I3I4

Section 55Y (exercise of own-initiative power: procedure) is amended as follows.

After subsection (1) insert—

“(1A)

This section also applies to an exercise of the FCA’s power under subsection (5)(b) of section 55NA to vary of its own initiative a permission given under that section to an authorised person (“A”).

(1B)

References in this section to a regulator’s own initiative variation power are to be taken as including the power mentioned in subsection (1A).”

For subsection (4) substitute—

“(4)

If either regulator—

(a)

proposes to vary a Part 4A permission or to impose or vary a requirement,

(b)

varies a Part 4A permission, or imposes or varies a requirement, with immediate effect,

(c)

proposes to vary a permission under section 55NA, or

(d)

varies permission under section 55NA with immediate effect,

it must give A written notice.”