35. Imposition of requirements by the Regulator

(1) Where a person has applied to the Regulator for a Financial Services Permission or the variation of a Financial Services Permission, the Regulator may impose on that person such requirements, taking effect on or after the giving or variation of the Financial Services Permission, as the Regulator considers appropriate.
(2) The Regulator may exercise its power under subsection (3) 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.
(3) The Regulator's power under this subsection is a power —
(a) to impose a new requirement;
(b) to vary a requirement imposed by the Regulator under this section; or
(c) to cancel such a requirement.
(4) The Regulator's power under subsection (3) is referred to in these Regulations as its Own-Initiative Requirement Power.
(5) The Regulator may, on the application of an Authorised Person with a Financial Services Permission —
(a) impose a new Requirement;
(b) vary a Requirement imposed by the Regulator under this section; or
(c) cancel such a Requirement.
(6) The Regulator may refuse an application under subsection (5) if it appears to it that it is desirable to do so in order to further one or more of its objectives.