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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 7 February 2024 - onwards
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55Y. Exercise of own-initiative power: procedure

(1) This section applies to an exercise of either regulator's own-initiative variation power or own-initiative requirement power in relation to an authorised person ("A").

(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).

(2) A variation of a permission or the imposition or variation of a requirement takes effect -

(a) immediately, if the notice given under subsection (4) states that that is the case,

(b) on such date as may be specified in the notice, or

(c) if no date is specified in the notice, when the matter to which the notice relates is no longer open to review.

(3) A variation of a permission, or the imposition or variation of a requirement, may be expressed to take effect immedia

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