Where a person has applied (whether to the FCA or the PRA) for a Part 4A permission or the variation of a Part 4A permission, the FCA may impose on that person such requirements, taking effect on or after the giving or variation of the permission, as the FCA considers appropriate.
The FCA may exercise its power under subsection (3) in relation to an authorised person with a Part 4A permission (whether given by it or by the PRA) ("A") if it appears to the FCA that—
The FCA's power under this subsection is a power—
The FCA's power under subsection (3) is referred to in this Part as its own-initiative requirement power.
The FCA may, on the application of an authorised person with a Part 4A permission—
The FCA may refuse an application under subsection (5) if it appears to it that it is desirable to do so in order to advance any of its operational objectives , or the purpose for which the FCA must exercise its functions under Part 8B (see section 131U(1)).
The FCA must consult the PRA before imposing or varying a requirement which relates to—