Article 10 Effect of overriding prohibition
Articles 6 and 8 do not apply to a Relevant Applicant who is subject, immediately before the relevant date, to an overriding prohibition.
For the purposes of this article, a Relevant Applicant is subject to an “overriding prohibition” if—
his authorisation has been suspended under section 28 or section 33 of the Financial Services Act;
he is prohibited under section 65 of the Financial Services Act from entering into transactions which constitute investment business (within the meaning of that Act);
immediately before commencement he was a member of a recognised self-regulating organisation for the purposes of section 7 of the Financial Services Act but was subject to a direction imposed by that organisation preventing him from carrying on investment business (within the meaning of that Act);
he was prevented by a restriction under section 12 or a direction under section 19 of the Banking Act from accepting deposits;
he had ceased to be authorised by virtue of a direction under section 11 or section 12A of the Insurance Companies Act to effect contracts of insurance (within the meaning of those sections);
he was subject to a direction under section 40(1)(a) of the Friendly Societies Act withdrawing his authorisation to effect contracts of insurance (within the meaning of that section);
he had been forbidden under section 51(1) of the Friendly Societies Act to accept any new members;
he was subject to a condition imposed under section 42 of the Building Societies Act preventing him from issuing shares, accepting deposits or making advances or other loans;
he was prohibited under regulation 9 or 15 of the 2BCD Regulations from accepting deposits in the United Kingdom or from carrying on home-regulated investment business in the United Kingdom (within the meaning of those Regulations);
he was restricted under regulation 10 of the 2BCD Regulations from carrying on in the United Kingdom any home regulated activity (within the meaning of that regulation);
he was prohibited under regulation 9 of the ISD Regulations from providing in the United Kingdom any listed services (within the meaning of that regulation).
Articles 6 and 8 do not apply to a Relevant Applicant who is subject, immediately before the relevant date, to a requirement which—
is imposed (or is treated, by virtue of the Authorised Persons Order, as having been imposed) on him under section 43; and
prohibits him from carrying on the newly regulated activity or overseas regulated activity to which his application relates.