Moved by Baroness Penn
5: Schedule 5, page 137, line 32, leave out sub-paragraphs (3) to (5) and insert—“(3) For subsection (4) substitute—“(4) If either regulator—(a) proposes to vary a Part 4A permission or to impose or vary a requirement,(b) varies a Part 4A permission, or imposes or varies a requirement, with immediate effect,(c) proposes to vary a permission under section 55NA, or(d) varies permission under section 55NA with immediate effect,it must give A written notice.””Member’s explanatory statementThis amendment would align the wording of new section 55Y(4A), being inserted by paragraph 10 of Schedule 5 to the Bill, with section 55Y(4) of the Financial Services and Markets Act 2000, by replacing both those provisions with a new section 55Y(4) which clarifies in a single subsection the circumstances in which a written notice must be given to a person.
6: Schedule 5, page 138, line 8, leave out paragraph 13Member’s explanatory statementThis amendment is consequential on the amendment at page 137, line 32.
Amendments 5 and 6 agreed.
Amendment 7 not moved.