[Part 1C Part 4A Permission: Conditions for Which FCA is Responsible in Relation to PRA-authorised Persons]



If the person concerned (“B”) carries on, or is seeking to carry on, regulated activities which consist of or include a PRA-regulated activity, the threshold conditions which are relevant to the discharge by the FCA of its functions in relation to B are the conditions set out in paragraphs 3B to 3E.


Effective supervision

(1)     B must be capable of being effectively supervised by the FCA having regard to all the circumstances including—

(a)     the nature (including the complexity) of the regulated activities that B carries on or seeks to carry on;

(b)     the complexity of any products that B provides or will provide in carrying on those activities;

(c)     the way in which B's business is organised;

(d)     if B is a member of a group, whether membership of the group is likely to prevent the FCA's effective supervision of B;

(e)     whether B is subject to consolidated supervision required under any of the relevant directives [relevant implementing provisions];

(f)     if B has close links with another person (“CL”)—

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