26 Variation of approval
Financial Services (Banking Reform) Act 2013 (2013 c 33) | Legislation

26  Variation of approval

After section 63 of FSMA 2000 insert—

“63ZA Variation of senior manager's approval at request of relevant authorised person

(1)     Where an application for approval under section 59 is granted subject to conditions, the authorised person concerned may apply to the appropriate regulator to vary the approval by—

(a)     varying a condition,

(b)     removing a condition, or

(c)     imposing a new condition.

(2)     “The appropriate regulator”—

(a)     in the case of an application for variation of an approval in a way described in subsection (1)(a) or (b), means whichever of the FCA or the PRA imposed the condition concerned;

(b)     in the case of an application for variation of an approval in the way described in subsection (1)(c), means the regulator who gave the approval.

(3)     The PRA must consult the FCA before determining an application under this section, unless the application relates to the variation or removal of a condition which was imposed by the PRA in exercise of its power under section 63ZB.

(4)     The regulator to which an application is made under this section must, before the end of the period for consideration, determine whether—

(a)     to grant the application; or

(b)

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