s 55E Giving permission: the FCA
(1) This section applies where the FCA is the appropriate regulator in relation to an application for permission under section 55A. (2) The FCA may give permission for the applicant to carry on the regulated activity or activities to which the application relates or such of them as may be specified in the permission. (3) If the applicant is a member of a group which includes a PRA-authorised person, the FCA must consult the PRA before determining the application. (3A) The FCA must consult the PRA before determining an application for permission to carry on the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark) made by a person who is a PRA-authorised person otherwise than by virtue of a Part 4A permission. (4) If it gives permission, the FCA must specify the permitted regulated activity or activities, described in such manner as the FCA considers appropriate. (5) The FCA may— (a) incorporate in the description of a regulated activity such limitations (for example as to circumstances in which the activity may, or may not, be carried on) as it considers appropriate; (b) specify a narrower or wider description of regulated activity than that to which the application relates; (c) give permission for the carrying on of a regulated activity which is not included among those to which the application relates and is not a PRA-regulated activity.