9
Failure to observe a condition
37.
Failure to observe a condition by the set deadline does not, in itself, invalidate an approval granted under section 59 of FSMA but, depending on the circumstances, may amount to a breach by the firm and/or the relevant Senior Manager of a number of regulatory requirements including but not limited to:
- Section 63A(2)(b) of FSMA;
- Fundamental Rules 1, 2, 6 and 7;
- Individual Conduct Rule/Standard 1 and Senior Management Conduct Rule/Standard 4 ; and
- General Organisational Requirements 5.1(5), 5.2 and 5.3 (for CRR firms).
- 10/12/2018
38.
Moreover, non-fulfilment or late fulfilment of a condition may be deemed to constitute a failure by the relevant Senior Manager to observe minimum standards of fitness and propriety and could trigger disciplinary action, including withdrawal of approval.
- 10/12/2018