{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-5/paragraph-10",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2023/schedule-5/paragraph-10.json",
  "legislation": "ukpga/2023/29",
  "legislation_title": "Financial Services and Markets Act 2023",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2023",
  "path": "schedule/5/paragraph/10",
  "kind": "paragraph",
  "number": "10",
  "heading": null,
  "text": "(1) Section 55Y (exercise of own-initiative power: procedure) is amended as follows.\n(2) After subsection (1) insert—\n“(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”).\n(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).”\n(3) For subsection (4) substitute—\n“(4) If either regulator—\n(a) proposes to vary a Part 4A permission or to impose or vary a requirement,\n(b) varies a Part 4A permission, or imposes or varies a requirement, with immediate effect,\n(c) proposes to vary a permission under section 55NA, or\n(d) varies permission under section 55NA with immediate effect,\nit must give A written notice.”",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 5 para. 10 not in force at Royal Assent, see s. 86(3)"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "Sch. 5 para. 10 in force at 6.9.2023 for specified purposes by S.I. 2023/936, reg. 2(1)(a)(2)(b)(ii)"
    },
    {
      "type": "I",
      "label": "I3",
      "text": "Sch. 5 para. 10 in force at 6.11.2023 for specified purposes by S.I. 2023/936, reg. 2(1)(b)(2)(b)(ii)(4)"
    },
    {
      "type": "I",
      "label": "I4",
      "text": "Sch. 5 para. 10 in force at 7.2.2024 in so far as not already in force by S.I. 2023/936, reg. 2(3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2023/29/schedule/5/paragraph/10",
    "retrieved_at": "2026-10-29T08:52:13.792774+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}