[Part 3 Variation of Permission]
Financial Services and Markets Act 2000 (2000 c 8) | Legislation

[Part 3 Variation of Permission]

[Variation of permission

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(1)     A UK-based person's Schedule 2B permission may be varied in accordance with this Part of this Schedule—

(a)     on the initiative of the UK-based person (see paragraphs 13 to 16), or

(b)     on the initiative of a UK regulator (see paragraphs 17 to 19).

(2)     In this Part of this Schedule, references to the variation of a Schedule 2B permission (however expressed) are to its variation by—

(a)     adding an activity,

(b)     removing an activity, or

(c)     varying the description of an activity.

UK-based person's initiative

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(1)     A Schedule 2B permission is varied in accordance with this paragraph when the following four conditions are satisfied in connection with the variation.

(2)     The first condition is that the UK-based person has given the appropriate UK regulator notice of the proposed variation (a “variation noticeâ€) (see paragraph 14).

(3)     The second condition is that the appropriate UK regulator has given notice to the Gibraltar regulator consenting to the variation (a “consent to variation noticeâ€) (see paragraph 15).

(4)     The third condition is that the waiting period has ended.

(5)     In sub-paragraph (4), “the waiting period†means—

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