{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-interim-permissions-order-2001/article-10",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-interim-permissions-order-2001/article-10.json",
  "legislation": "uksi/2001/3374",
  "legislation_title": "The Financial Services and Markets Act 2000 (Interim Permissions) Order 2001",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-interim-permissions-order-2001",
  "path": "article/10",
  "kind": "article",
  "number": "10",
  "heading": "Effect of overriding prohibition",
  "text": "(1) Articles 6 and 8 do not apply to a Relevant Applicant who is subject, immediately before the relevant date, to an overriding prohibition.\n(2) For the purposes of this article, a Relevant Applicant is subject to an “overriding prohibition” if—\n(a) his authorisation has been suspended under section 28 or section 33 of the Financial Services Act;\n(b) 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);\n(c) 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);\n(d) he was prevented by a restriction under section 12 or a direction under section 19 of the Banking Act from accepting deposits;\n(e) 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);\n(f) 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);\n(g) he had been forbidden under section 51(1) of the Friendly Societies Act to accept any new members;\n(h) 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;\n(i) 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);\n(j) 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);\n(k) 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).\n(3) Articles 6 and 8 do not apply to a Relevant Applicant who is subject, immediately before the relevant date, to a requirement which—\n(a) is imposed (or is treated, by virtue of the Authorised Persons Order, as having been imposed) on him under section 43; and\n(b) prohibits him from carrying on the newly regulated activity or overseas regulated activity to which his application relates.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2001/3374/article/10",
    "retrieved_at": "2026-10-29T07:27:25.554853+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}