Prudential Regulation Authority—varying permission

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

  • Prudential Regulation Authority—varying permission
  • Permission and requirements
  • Relevant regulator
  • Types of variation
  • Variation at the request of an authorised person
  • PRA's own-initiative powers
  • Own-initiative powers: what to expect?
  • Threshold conditions
  • How to make applications

Prudential Regulation Authority—varying permission

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.

Authorised people can only carry out regulated activities in the UK in accordance with their permission. Where people intend to change how they carry out their regulated activities they are likely to need to apply to vary their permission. This Practice Note is an overview of how firms can apply to the Prudential Regulation Authority (PRA) to vary their Part 4A permission. For guidance on where firms cease to carry out their activities altogether, see Practice Note: Prudential Regulation Authority—cancelling permission and requirements.

Permission and requirements

Under the old Financial Services Authority (FSA) regime, a Part IV permission could include any requirement the FSA considered appropriate. This is no longer the case. The PRA's powers relating to permission are distinct from its powers relating to requirements (namely to impose or vary a requirement) and the two sets of powers are treated separately under the current regulatory regime (FSMA 2000,

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