Commentary

38 Variation and cancellation of Part IV permission

BUILDING SOCIETIES vol 6(1)
| Commentary

38 Variation and cancellation of Part IV permission

| Commentary

38 Variation and cancellation of Part IV permission1

The Financial Services Authority (FSA) may, on the application of a building society with a Part IV permission2, cancel it completely3 or vary the permission by:

  1. 38.1

        adding a regulated activity4 to those for which it gives permission; or

  2. 38.2

        remove a regulated activity from those for which it gives permission; or

  3. 38.3

        varying the description of a regulated activity for which it gives permission; or

  4. 38.4

        cancelling a requirement5; or

  5. 38.5

        varying such a requirement6.

In varying permission or varying any requirement the FSA must be satisfied that the society will satisfy

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