Article 21 Treaty firms qualifying for authorisationI1

United Kingdom

(1)

Paragraph (2) applies if, before the commencement date—

(a)

a Treaty firm^f1 satisfied the Treaty conditions set out in paragraph 3(1)^f2 of that Schedule (exercise of Treaty rights);

(b)

the Treaty firm had not ceased to qualify for authorisation; and

(c)

the Authority had not given a direction under section 35^f3(treaty firms) cancelling the Treaty firm’s authorisation.

(2)

Subject to section 35(1), the Treaty firm is to be treated as qualifying for authorisation under Schedule 4 for the purpose of section 31.

Annotations

f1: “Treaty firm” is defined by section 425 of, and paragraph 1 of Schedule 4 to, FSMA 2000. Paragraph 1 was amended by the Financial Services Act 2010, section 24 and Schedule 2, Part 1, paragraph 35.
f2: Paragraph 3 was amended by S.I. 2011/1043 and is further amended by the 2012 Act, Schedule 4, Part 2, paragraph 23.
f3: Section 35 is amended by the 2012 Act, Schedule 4, Part 3, paragraph 28.