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Home > Prudential Regulation Authority > Statement of Policy UPDATE - Conditions, time limits and variations of approval
 

Statement of Policy UPDATE - Conditions, time limits and variations of approval

12 May 2017

This statement of policy is issued by the Prudential Regulation Authority (PRA) in accordance with section 63ZD of the Financial Services and Markets Act 2000 (FSMA) as amended by the Financial Services (Banking Reform) Act 2013, which requires the PRA and the Financial Conduct Authority (FCA) to issue a statement of their respective policies on:

  • approving individuals under section 59 of FSMA subject to conditions and time limits; and
  • varying approvals under section 59 of FSMA.

It has been updated as part of the final policy issued on 12 May 2017 (see Related Links).

The statement applies to all Relevant Authorised Persons (Relevant Firms) as defined in section 71A of the Financial Services and Markets Act 2000 (FSMA) namely:

  • banks;
  • building societies;
  • credit unions; and
  • PRA designated investment firms. 
     
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