Regulation 13 Cessation following a determination by the FCA

(1)

The FCA may determine that regulation 9 should cease to apply to a person—

(a)

where, in respect of an advance application—

(i)

the application does not comply with a direction under regulation 5(2), and

(ii)

the steps referred to in regulation 6(b)(ii) have not been taken within the time specified;

(b)

following a decision refusing registration in accordance with regulation 7(3);

(c)

at the request of the person to whom regulation 9 applies.

(2)

The FCA must notify the person in respect of whom the determination is made of the day on which regulation 9 will cease to apply.

(3)

Paragraph (1) is subject to Article 71 (withdrawal of registration) of the European Markets Infrastructure Regulation.