The Consumer Composite Investments (Designated Activities) Regulations 2024
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Change 1
7 Power of the FCA to give directions
(1) The FCA may give a direction under section 71O of FSMA 2000 imposing on a person or a description of persons such requirements as the FCA considers appropriate in relation to the carrying on of an activity specified in regulation 5. (2) In the following provisions of this regulation “a direction” means a direction given under section 71O of FSMA 2000 by virtue of paragraph (1). (3) The FCA may give a direction only if it appears to the FCA— (a) in the case of a direction given to a person, that in carrying on the activity the person is failing, or is likely to fail, to comply with a requirement imposed on the person by designated activity rules made by virtue of regulation 6, or (b) in the case of a direction given to a person or a description of persons, that it is desirable to exercise the power for the purposes of advancing any of the FCA’s operational objectives set out in section 1B(3) of FSMA 2000. (4) Before giving, varying or revoking a direction, where the exercise of the power relates to a PRA-authorised person (as defined in section 2B(5) of FSMA 2000), the FCA must consult the PRA.
7 Power of the FCA to give directions
(1) The FCA may give a direction under section 71O of FSMA 2000 imposing on a person or a description of persons such requirements as the FCA considers appropriate in relation to the carrying on of an activity specified in regulation 5. (2) In the following provisions of this regulation “a direction” means a direction given under section 71O of FSMA 2000 by virtue of paragraph (1). (3) The FCA may give a direction only if it appears to the FCA— (a) in the case of a direction given to a person, that in carrying on the activity the person is failing, or is likely to fail, to comply with a requirement imposed on the person by designated activity rules made by virtue of regulation 6, or (b) in the case of a direction given to a person or a description of persons, that it is desirable to exercise the power for the purposes of advancing any of the FCA’s operational objectives set out in section 1B(3) of FSMA 2000. (4) Before giving, varying or revoking a direction, where the exercise of the power relates to a PRA-authorised person (as defined in section 2B(5) of FSMA 2000), the FCA must consult the PRA.
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