Where an approval under section 59 has effect subject to conditions, the authorised person concerned may apply to the appropriate regulator to vary the approval by—
Where an approval under section 59 has effect for a limited period, the authorised person concerned may apply to the appropriate regulator to vary the approval by—
"The appropriate regulator"—
The PRA must consult the FCA before determining an application under this section, unless the application relates to the variation or removal of a condition , or a limit on the period for which an approval has effect, which was imposed (or last varied) by the PRA in exercise of its power under section 63ZB.
The regulator to which an application is made under this section must, before the end of the period for consideration, determine whether—
"The period for consideration" means the period of 3 months beginning with the date on which the regulator receives the application.
The FCA may refuse an application under this section if it appears to the FCA that it is desirable to do so in order to advance one or more of its operational objectives.
The PRA may refuse an application under this section if it appears to the PRA that it is desirable to do so in order to advance any of its objectives.
An application may not be made under this section for the variation or removal of a condition, or a limit on the period for which an approval has effect, where the condition or limit has effect by virtue of section 66.
The following provisions apply to an application made under this section for variation of an approval as they apply to an application for approval made under section 60—
section 60(2) to (8),
section 61(4) and (5),
section 62 , but as if in subsections (2), (3) and (4) the words ", or to grant the application subject to conditions or for a limited period (or both)" were omitted.