3The FCA has a power under section 55Q to vary, or alternatively cancel, a firm’s Part 4A permission, or to impose requirements on a firm, in support of an overseas regulator. Section 55Q, (5) and (6) sets5 out matters the FCA may, or must, take into account when it considers whether to exercise these powers. 5
3The FCA will actively consider 5requests for assistance from overseas regulators 5Section 55Q, which sets out matters the FCA may take into account when it decides whether to vary or cancel a firm’s Part 4A permission or to impose requirements on a firm in support of the overseas regulator, applies in these circumstances.
3Where section 55Q(5) applies and the FCA is considering whether to vary a firm's Part 4A permission or to impose requirements on a firm, it may take account of all the factors described in paragraphs 8.6.1 to 8.6.8 but may give particular weight to:
the matters set out in paragraphs (c) and (d) of section 55Q(5) (seriousness, importance to persons in the United Kingdom, and the public interest); and
3The FCA will give careful consideration to whether the relevant authority's concerns would provide grounds for the FCA to exercise its own-initiative powers to vary, impose requirements or cancel if they related to a UK firm. It is not necessary for the FCA to be satisfied that the overseas provisions being enforced mirror precisely those which apply to UK firms. However, the FCA will not assist in the enforcement of regulatory requirements or other provisions that appear to extend significantly beyond the purposes of UK regulatory provisions.
3Similarly, the FCA will not need to be satisfied that precisely the same assistance would be provided to the United Kingdom in precisely the same situation. However, it will wish to be confident that the relevant authorities in the jurisdiction concerned would have powers available to them to provide broadly similar assistance in aid of UK authorities, and would be willing properly to consider exercising those powers. The FCA may decide, under section 55Q(6), not to exercise its own-initiative powers to vary or cancel in response to a request unless the regulator concerned undertakes to make whatever contribution towards the cost of its exercise the FCA considers appropriate.