Prudential Regulation Authority—cancelling permission and requirements

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Prudential Regulation Authority—cancelling permission and requirements
  • Cancellation of permission
  • Cancellation at the request of an authorised person
  • Own-initiative powers
  • Requirements
  • Cancellation at the request of an authorised person
  • Own-initiative powers
  • Assessment of an application to cancel a Part 4A permission
  • Statutory clock

Prudential Regulation Authority—cancelling permission and requirements

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Cancellation refers to the removal of a firm's Part 4A permission. Where Prudential Regulation Authority (PRA)-authorised firms cease to carry out regulated activities, their Part 4A permission must be cancelled. The PRA can also use its own-initiative powers to cancel a permission in certain circumstances. Where requirements have been placed on authorised firms, these can also be cancelled, either at the request of authorised firms or where the PRA uses its own-initiative powers. If a PRA-authorised firm wishes to have its Part 4A permission cancelled it must demonstrate to the PRA that it has ceased or will cease to carry on regulated activities. For further information about firms that are designated PRA-authorised firms, see Practice Note: FCA and PRA authorisation under Part 4A of FSMA 2000.

Cancellation of permission

Cancellation at the request of an authorised person

The PRA can cancel the Part 4A permission of PRA-authorised firms at their request.

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