Regulation 3 Amendment to regulation 4

for paragraph (3)(b), substitute—

“(b)

a partnership and—

(i)

each of the partners satisfies the requirements set out in paragraph (5); and

(ii)

P satisfies the requirement set out in paragraph (6).”;

in paragraph (4), for “are that P or, where applicable, each of the partners” substitute “in paragraph 3(a) are that P”; and

after paragraph (4), insert—

“(5)

The requirements referred to in paragraph 3(b)(i) are that each of the partners is—

(a)

of good character;

(b)

physically and mentally fit to carry on the regulated activity; and

(c)

able to supply to the Commission, or arrange for the availability of, information relating to themselves specified in Schedule 3.

(6)

The requirement referred to in paragraph 3(b)(ii) is that, through the combination of the qualifications, skills and experience of the partners, P has the necessary qualifications, skills and experience to carry on the regulated activity.”.