(1) The Financial Services and Markets Act 2000 [2000 c.8.] is amended as follows.
(2) In section 55J [Section 55J was substituted by section 11(2) of the Financial Services Act 2012 (c. 21) and was subsequently amended by S.I. 2013/1773, S.I. 2013/3115, S.I. 2015/575, S.I. 2015/910 and S.I. 2015/1882.] (variation or cancellation on initiative of regulator), after subsection (7) insert -
"(7ZA) Without prejudice to the generality of subsections (1) and (2), if it appears to the FCA that there has been a serious failure, by a person with permission to carry on the regulated activity specified in article 51ZA of the Financial Services and Markets Act (Regulated Activities) Order 2001 (managing a UCITS), to comply with the requirements imposed -
(a) by or under this Act in pursuance of the UCITS Directive [OJ L 302, 17.11.2009, p. 32. The term "UCITS Directive" is defined in paragraph 4B of Part I of Schedule 3 to the Financial Services and Markets Act 2000 (c.8).], or
(b) by the Und