33. Variation or cancellation on initiative of the Regulator

(1) The Regulator may exercise its power under this section in relation to an Authorised Person with a Financial Services Permission ("A") if it appears to the Regulator that —
(a) A is failing, or is likely to fail, to satisfy the Threshold Condition Rules;
(b) A has committed a contravention of these Regulations or any Rules made under these Regulations;
(c) A has failed, during a period of at least 12 months, to carry on a Regulated Activity to which the Financial Services Permission relates; or
(d) it is desirable to exercise the power in order to further one or more of the Regulator's objectives.
(2) The Regulator's power under this section is the power —
(a) to vary the Financial Services Permission by —
(i) adding a Regulated Activity to those to which the Financial Services Permission relates;
(ii) removing a Regulated Activity from those to which the Financial Services Permission relates; or
(iii) varying the description of a Regulated Activity to which the Financial Services Permission relates in a way which does not, in the opinion of the Regulator, widen the description; or
(b) to cancel the Financial Services Permission.
(3) If, as a result of a variation of a Financial Services Permission under this section, there are no longer any Regulated Activities for which the Authorised Person concerned has a Financial Services Permission, the Regulator must, once it is satisfied that it is no longer necessary to keep the Financial Services Permission in force, cancel it.
(4) The power of the Regulator to vary a Financial Services Permission under this section extends to including in the Financial Services Permission as varied any provision that could be included if a fresh Financial Services Permission were being given in response to an Application to the Regulator under section 27.
(5) The power of the Regulator under this section is referred to in these Regulations as its Own-Initiative Variation Power.