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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Financial Services and Markets Act 2000 (Interim Permissions) Order 2001 URL: https://www.bailii.org/uk/legis/num_reg/2001/20013374.html |
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Made | 10th October 2001 | ||
Laid before Parliament | 10th October 2001 | ||
Coming into force in accordance with article 1 |
1. | Citation and commencement |
2. | Definitions |
3. | Relevant Applicant |
4. | Newly regulated activity |
5. | Overseas regulated activity |
6. | Interim permission |
7. | Subsidiary of person with paragraph 23 permission |
8. | Duration of interim permission |
9. | Approved persons performing controlled functions for Relevant Applicant |
10. | Effect of overriding prohibition |
11. | Transitional provision |
12. | Application of rules etc. to Relevant Applicants with interim permission |
13. | Application of the Act etc. |
SCHEDULE: | Application of the Act to Relevant Applicants with interim permission |
(b) 1 January 2002 in respect of newly regulated activities which are not regulated activities before that date.
(2) In this Order -
(3) Any reference in this Order to a section or Part is, unless the context otherwise requires, a reference to that section or Part of the Act.
Relevant Applicant
3.
- (1) This Order applies to a person who -
(b) was at 3 September 2001 carrying on by way of business the newly regulated activity to which the application mentioned in sub-paragraph (a) relates.
(2) This Order also applies to a person who -
(b) was at 3 September 2001 carrying on by way of business that overseas regulated activity in a country or territory outside the United Kingdom.
(3) In this Order, a person to whom this Order applies in accordance with this article is referred to as a "Relevant Applicant".
Newly regulated activity
4.
- (1) In this Order a "newly regulated activity" is an activity -
(3) A "regulatory enactment" means -
Overseas regulated activity
5.
In this Order an "overseas regulated activity" is a regulated activity which the Relevant Applicant -
Interim permission
6.
- (1) Subject to article 10, if -
Subsidiary of person with paragraph 23 permission
7.
- (1) This article applies where -
(2) In a case where this article applies -
(3) For the purposes of this article -
Duration of interim permission
8.
- (1) A Relevant Applicant who has an interim permission to carry on a particular regulated activity may not after commencement withdraw his application for permission to carry on that activity, unless the Authority consents to his withdrawing it.
(2) Subject to paragraph (4) and without prejudice to the exercise by the Authority of its powers under Part IV, a Relevant Applicant's interim permission to carry on a particular activity lapses on whichever is the earliest of the following dates -
the interim permission does not lapse but remains in force (as varied by the Authority under section 53) until it is cancelled by the Authority; and the Authority must cancel the interim permission once it is satisfied that it is no longer necessary to keep the interim permission in force.
Approved persons performing controlled functions for Relevant Applicant
9.
- (1) Where a person ("E") has transitional approval to perform a controlled function in relation to the carrying on by a Relevant Applicant of a regulated activity for which that Relevant Applicant has interim permission, that transitional approval lapses on whichever is the earliest of the following dates -
(2) For the purposes of paragraph (1), E has transitional approval to perform a controlled function if he is to be taken, by virtue of the Authorised Persons Order, to have been approved by the Authority for the performance of that function.
Effect of overriding prohibition
10.
- (1) Articles 6 and 8 do not apply to a Relevant Applicant who is subject, immediately before the relevant date, to an overriding prohibition.
(2) For the purposes of this article, a Relevant Applicant is subject to an "overriding prohibition" if -
Transitional provision
11.
- (1) The following transitional provisions apply until the relevant date.
(2) In sections 45, 46, 47, 48, 50, 52, 53, 54 and 55 (variation of Part IV permissions etc) sections 56 and 60 (performance of regulated activities) and section 148 (modification or waiver of rules) -
Application of rules etc. to Relevant Applicants with interim permission
12.
- (1) The Authority may direct that any relevant provision which would otherwise apply to Relevant Applicants by virtue of their interim permission is not to apply, or is to apply to them as modified in the way specified in the direction.
(2) Where the Authority makes a rule or gives guidance which applies only to persons who are Relevant Applicants with an interim permission (or only to a class of such persons), section 155 does not apply to that rule or guidance.
(3) For the purposes of paragraph (1) a relevant provision is any provision made as a result of the exercise by the Authority of its legislative functions within the meaning of paragraph 1 of Schedule 1 to the Act.
Application of the Act etc.
13.
The Schedule to this Order makes provision about the application of the Act and of certain provisions made under the Act in relation to a Relevant Applicant with an interim permission.
John Heppell
Nick Ainger
Two of the Lords Commissioners of Her Majesty's Treasury
10th October 2001
11.
For the purposes of article 29 of the Regulated Activities Order, a Relevant Applicant who does not have an interim permission to carry on an activity of the kind specified by article 25 of that Order -
12.
For the purposes of article 72(1)(a), (2)(a), (3), or (4)(a) of the Regulated Activities Order, a Relevant Applicant is not to be treated as an authorised person (so that an overseas person does not benefit from the exclusion in relation to transactions entered into with or through the Relevant Applicant).
[7] S.I. 1992/3218 amended by S.I. 1993/3225, S.I. 1995/1217, S.I. 1995/1442, S.I. 1996/1669, S.I. 1999/2094 and S.I. 2000/2952.back
[8] S.I. 1995/3275 amended by the Bank of England Act 1998 (c. 11) and by S.I. 1996/1669 and S.I. 2000/2952.back
[12] Schedule 2G was inserted by the 3ID Regulations.back
[13] Schedule 13B was inserted by S.I. 1994/1984.back
© Crown copyright 2001