Regulation 26 Conditions of transferred authorisations

(1)

If an application under regulation 25 is granted, or treated as having been granted, the following provisions of this regulation apply.

(2)

In the case of a transfer of the whole of an authorisation SEPA must send a copy of the amended authorisation specifying—

(a)

the date on which the transfer is to have effect; and

(b)

the responsible person in respect of the authorisation,

to that responsible person.

(3)

In the case of transfer of part of an authorisation, SEPA must—

(a)

issue a new authorisation in respect of the part to be transferred, which specifies—

(i)

the controlled activities being transferred and any conditions applying to them;

(ii)

the responsible person for that authorisation; and

(iii)

the date on which the new authorisation is to have effect,

to the responsible person for that part; and

(b)

issue an amended authorisation in respect of the part not so transferred which specifies—

(i)

the controlled activities in relation to that part and any conditions applying to them;

(ii)

the responsible person for that authorisation; and

(iii)

the date on which the amended authorisation is to have effect,

to the responsible person for that part.