Regulation 32 Cessation following a determination by the FCA

(1)

The FCA may determine that regulation 28 should cease to apply to an applicant—

(a)

where, in respect of an advance application—

(i)

the application does not comply with regulation 24(2) or a direction under regulation 24(3), and

(ii)

the steps referred to in regulation 25(b)(ii) have not been taken within the time specified;

(b)

following a decision refusing registration in accordance with regulation 26(3);

(c)

at the request of the person to whom regulation 28 applies.

(2)

The FCA must notify the person in respect of whom the determination is made of the day on which regulation 28 will cease to apply.

(3)

Paragraph (1) is subject to Article 20 (withdrawal of registration) of the CRA Regulation.