# The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2006, Article 5: Interim approval


(1) This article applies where—
(a) an applicant (within the meaning of article 4(1)) has submitted, before commencement, an application to the Authority under section 60 of the Act (applications for approval); and
(b) the application has not been finally decided.
(2) The person in respect of whom the application is made is to be treated as having at commencement the Authority’s approval for the purposes of section 59 of the Act (approval for particular arrangements) in relation to the functions to which the application relates.
(3) An approval which an applicant is to be treated as having is referred to in this Order as an “interim approval”.
(4) Without prejudice to the exercise by the Authority of its powers under Part 4 of the Act an interim approval lapses when the application has been finally decided.
(5) In this article, “finally decided” means—
(a) when the application is withdrawn;
(b) when the Authority grants the application for approval under section 62 of the Act (applications for approval: procedure and right to refer to Tribunal);
(c) where the Authority has refused an application and the matter is not referred to the Tribunal, when the time for referring the matter to the Tribunal has expired;
(d) where the Authority has refused an application and the matter is referred to the Tribunal, when—
(i) if the reference is determined by the Tribunal (including a determination following remission back to the Tribunal for rehearing in accordance with subsection (3)(a) of section 137 of the Act), the time for bringing an appeal has expired, or
(ii) on an appeal from a determination by the Tribunal on a point of law, the Court itself determines the application in accordance with section 137 of the Act.

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Source: https://www.legislation.gov.uk/uksi/2006/1969/article/5 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-amendment-order-2006/article-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.