Section 55J(6A)

Without prejudice to the generality of subsections (1) to (3), the FCA may, in relation to an authorised person who is a full-scope UKAIFM, exercise its power under this section to cancel the Part 4A permission if it appears to it that any of the following conditions is met— the person has failed, during a period of at least six months, to carry on the regulated activity of managing an AIF; the person obtained the Part 4A permission to carry on the regulated activity of managing an AIF by making a false statement or by any other irregular means; in a case where the Part 4A permission includes permission to carry on the management of portfolios of investments in accordance with mandates given by investors on a discretionary, and client-by-client, basis, the person no longer complies with Part 9C rules; the person no longer meets the conditions that a person must meet in order to obtain a Part 4A permission to carry on the regulated activity of managing an AIF; the person has seriously or systematically infringed— an AIFMD requirement; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . or an MMF requirement.

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Source: legislation.gov.uk · retrieved 2026-09-04