55J. Variation or cancellation on initiative of regulator
DRAFT Text amended Schedule 2 Consequential amendments to primary legislation of the Draft SI - Money Market Funds Regulations 2024
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Amendments (requiring commencement) by Sch. 1 Pt 4 to the Financial Services and Markets Act 2023 (c. 29) (FSMA 2023), published 29 June 2023.
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(1) Either regulator may exercise its power under this section in relation to an authorised person with a Part 4A permission ("A") if it appears to the regulator that -
(a) A is failing, or is likely to fail, to satisfy the threshold conditions for which the regulator is responsible,
(b) A has failed, during a period of at least 12 months, to carry on a regulated activity to which the Part 4A permission relates,
(c) it is desirable to exercise the power in order to advance -
(i) in the case of the FCA, one or more of its operational objectives,