The FSA's own-initiative power to cancel Part IV permission is contained in section 45 of the Act (Variation etc on the FSA's own initiative). Section 45 also sets out the general grounds for exercising the power. Section 47 (Exercise of power in support of overseas regulator) sets out the grounds for exercising the power on behalf of an overseas regulator.
Section 45 of the Act empowers the FSA to vary, or alternatively to cancel, a firm's Part IV permission. The general statutory grounds for exercising those powers are the same. They are set out in section 45(1) Cases A to C (see ENF 3.3.2 G). The FSA also has a duty, once it is satisfied that it is no longer necessary to keep the permission in force1, to cancel a firm's Part IV permission when it has varied a firm's Part IV permissionto such an extent that there are no longer any regulated activities for which the firm has a Part IV permission.