Article 11 Application of the 2000 Act to persons with temporary permission
This article applies to a person who has temporary permission to carry on a relevant activity in relation to relevant activities carried on under that temporary permission.
The temporary permission of that person does not have effect as a Part 4A permission for the purposes of—
section 38(2)f1 (exemption orders);
section 39(1C)(a)f2 (exemption of appointed representatives);
section 55A(3) (application for permission);
section 59f3 (approval for particular arrangements);
section 63Ef4 (certification of employees by authorised persons).
For the purposes of section 39 (exemption of appointed representatives), that person may be an appointed representative in relation to an activity which that person does not have temporary permission to carry on.
Where that person applies to the FCA—
under section 55A for permission to carry on a regulated activity which is not a relevant activity; or
under section 55H to vary a Part 4A permission by adding to the activities to which the permission relates a regulated activity which is not a relevant activity,
the application may be treated by the FCA as relating also to some or all of the regulated activities for which that person has temporary permission.
If the FCA treats the application as relating also to some or all of the regulated activities for which that person has a temporary permission, article 12(4) does not apply in relation to the application.
The duty imposed by section 55B(3)f5 (satisfaction of threshold conditions) does not apply where the FCA exercises its power in relation to that person under—
section 55J (variation or cancellation on initiative of regulator);
section 55H (variation by FCA at request of authorised person) to remove a regulated activity from those for which A has temporary permission;
section 55L (imposition of requirements by FCA).
Where, immediately before the regulatory commencement date, that person is not an authorised person, that person is not to be treated, by virtue of article 10(2), as an authorised person for the purposes of Part 12 (control of authorised persons).
For the purposes of the compensation scheme established under section 213, a claim made against that person in connection with any activity which that person’s temporary permission permits them to carry on is to be treated as if it were not made in connection with regulated activities carried on by that person.
The activity to which that person’s temporary permission permits them to carry on is to be treated as if it were not a regulated activity for the purposes of—
construing the reference to the only regulated activities that a person carries on, or seeks to carry on, which is contained in paragraphs 2C(1A), 2D(3A) and 2F(3) of Schedule 6f6 (threshold conditions); and
article 6A(1)(b) of the Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009f7.
In this article, a reference to a numbered section, Part or Schedule is a reference to the section, Part or Schedule so numbered in the 2000 Act.
Annotations
Footnotes
- f1
-
Section 38(2) was amended by paragraph 4 of Schedule 18 to the Financial Services Act 2012.
- f2
-
Section 39(1C) was inserted by section 10(2) of the Financial Services Act 2012.
- f3
-
Section 59 was amended by section 14(1) of and paragraph 3 of Schedule 5 to, the Financial Services Act 2012, section 18 of and paragraph 1 of Schedule 3 to the Financial Services (Banking Reform) Act 2013 (c.33), paragraph 2 of Schedule 4 to the Bank of England and Financial Services Act 2016 (c.14) and S.I. 2013/1773 and 2019/632.
- f4
-
Section 63E was inserted by section 29 of the Financial Services (Banking Reform) Act 2013 and amended by paragraph 11 of Schedule 4 to the Bank of England and Financial Services Act 2016, and S.I. 2018/1253 and 2019/632.
- f5
-
Sections 55B and 55J were inserted by section 11(2) of the Financial Services Act 2012.
- f6
-
Schedule 6 was substituted by S.I. 2013/555.
- f7
-
S.I. 2009/774. Article 6A was inserted by S.I. 2013/1881.