Article 7 Application of section 359 of FSMA

(1)

Section 359 of FSMA (administration order) M1 applies in relation to a relevant society which—

(a)

is or has been an authorised person; or

(b)

is carrying on or has carried on a regulated activity in contravention of the general prohibition.

(2)

For that purpose—

(a)

in subsection (1) the words from “which” to the end are to be ignored; and

(b)

except in the definition of “company” in subsection (4), a reference to a company is a reference to a relevant society of the kind described in paragraph (1).

Annotations

Marginal citations

M1: Section 359 was substituted by the Enterprise Act 2002, Schedule 17, paragraphs 53 and 55; and was amended by the Financial Services Act 2012, Schedule 14, paragraphs 1 and 6. There are other amendments not relevant to this Order.

Notes on the whole SI

Textual amendments

F1: Title amended (1.8.2014) by virtue of The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Consequential Amendments) Regulations 2014 (S.I. 2014/1815), reg. 1(2), Sch. para. 33