[55Y Exercise of own-initiative power: procedure]
Financial Services and Markets Act 2000 (2000 c 8) | Legislation

[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

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