[(1) Either regulator may exercise its power under this section in relation to an authorised person with a Part 4A permission (“A”) if it appears to the regulator that—
(a) A is failing, or is likely to fail, to satisfy the threshold conditions for which the regulator is responsible,
(b) A has failed, during a period of at least 12 months, to carry on a regulated activity to which the Part 4A permission relates, . . .
(c) it is desirable to exercise the power in order to advance—
(i) in the case of the FCA, one or more of its operational objectives,
(ii) in the case of the PRA, any of its objectives[, or
(d) in the case of the FCA, A has failed to comply with a requirement in Part 5 of the Alternative Investment Fund Managers Regulations 2013 (AIFs which acquire control of non-listed companies and issuers), or it is for some other reason desirable to exercise the power for the purposes of ensuring compliance with such a requirement].
(2) The FCA's power under this section is the power—
(a) to vary the Part 4A permission by—
(i) adding a regulated activity other than a PRA-regulated activity to those to which the permission relates,
(ii) removing a regulated activity from those to which the permission relates, or
(iii) varying the description of a regulated activity to which the permission relates in a way which, if it is a PRA-regulated activity, does not, in the opinion of the
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