[SCHEDULE 6A Variation or Cancellation of Part 4A Permission on Initiative of FCA: Additional Power]
Financial Services and Markets Act 2000 (2000 c 8) | Legislation

[SCHEDULE 6A Variation or Cancellation of Part 4A Permission on Initiative of FCA: Additional Power]

[Section 55JA]

[Additional power

1

(1)     If it appears to the FCA that an FCA-authorised person with a Part 4A permission is carrying on no regulated activity to which the permission relates, the FCA may exercise its power under this paragraph.

(2)     The FCA's power under this paragraph is the power—

(a)     to vary the Part 4A permission by—

(i)     removing a regulated activity from those to which the permission relates, or

(ii)     varying the description of a regulated activity to which the permission relates, or

(b)     to cancel the Part 4A permission.

(3)     The circumstances in which the FCA may form the view that an authorised person is carrying on no regulated activity include (but are not limited to) circumstances where the person fails—

(a)     to pay any periodic fee or levy as is required by the FCA Handbook, or

(b)     to provide such information to the FCA as is required by the FCA Handbook.

(4)     “The FCA Handbook†means the Handbook made by the FCA under this Act (as that Handbook is amended from time to time).

(5)

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