Section 309Q: Varying approval at request of relevant recognised body, Financial Services and Markets Act 2000

Where an approval under section 309G has effect subject to conditions, the relevant recognised body that applied for the approval may apply to the appropriate regulator to vary the approval by—

varying a condition,

removing a condition, or

imposing a new condition.

Where an approval under section 309G has effect for a limited period, the relevant recognised body that applied for the approval may apply to the appropriate regulator to vary the approval by—

varying the period, or

removing the limit on the period for which the approval is to have effect.

The appropriate regulator must, before the end of the consultation period, determine whether—

to grant the application, or

to give a warning notice under section 309M(2) (as applied by subsection (8)).

The "consultation period" is—

such period as may be prescribed (and different periods may be prescribed in relation to different types of relevant recognised bodies), or

if no such period is prescribed, the period of 3 months beginning with the day on which the appropriate regulator receives the application to vary the approval.

The appropriate regulator may refuse an application under this section, if it appears to it that it is desirable to do so in order to advance a relevant objective.

For the purposes of subsection (5), "relevant objective" means—

if the appropriate regulator is the FCA, any of its operational objectives;

if the appropriate regulator is the Bank of England, the Financial Stability Objective.

An application may not be made under this section to vary or remove a condition or limit that was imposed under section 309Z2.

Except as provided for below, the following sections apply to an application under this section for variation of an approval as they apply to an application under section 309I—

section 309I(2) to (8),

section 309L(4) and (5), and

section 309M, but as if the references in subsections (1) to (4) to granting the application subject to conditions or for a limited period, or without imposing conditions or limiting the period for which approval is given, were omitted.

Section 309Q: Varying approval at request of relevant recognised body

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