s 55L Imposition of requirements by FCA
(1) Where a person has applied (whether to the FCA or the PRA) for a Part 4A permission or the variation of a Part 4A permission, the FCA may impose on that person such requirements, taking effect on or after the giving or variation of the permission, as the FCA considers appropriate. (2) The FCA may exercise its power under subsection (3) in relation to an authorised person with a Part 4A permission (whether given by it or by the PRA) (“A”) if it appears to the FCA that— (a) A is failing, or is likely to fail, to satisfy the threshold conditions for which the FCA 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, or (c) it is desirable to exercise the power in order to advance one or more of the FCA's operational objectives. (3) The FCA's power under this subsection is a power— (a) to impose a new requirement, (b) to vary a requirement imposed by the FCA under this section, or (c) to cancel such a requirement. (4) The FCA's power under subsection (3) is referred to in this Part as its own-initiative requirement power. (5) The FCA may, on the application of an authorised person with a Part 4A permission— (a) impose a new requirement, (b) vary a requirement imposed by the FCA under this section, or (c) cancel such a requirement. (6) The FCA may refuse an application under subsection (5) if it appears to it that it is desirable to do so in order to advance any of its operational objectives , or the purpose for which the FCA must exercise its functions under Part 8B (see section 131U (1) ) . (7) The FCA must consult the PRA before imposing or varying a requirement which relates to— (a) a person who is, or will on the granting of an application for Part 4A permission be, a PRA-authorised person, or (b) a person who is a member of a group which includes a PRA-authorised person.