# Financial Services and Markets Act 2000, Section 55K: Investment firms: particular conditions that enable cancellation

Extent: E+W+S+N.I.

(1) The conditions referred to in section 55J(6) are as follows—
(a) that the firm has failed, during a period of at least 6 months, to carry on a regulated activity which is an investment service or activity for which it has a Part 4A permission;
(b) that the firm obtained the Part 4A permission by making a false statement or by other irregular means;
(c) that the firm no longer satisfies the requirements for authorisation ... in relation to a regulated activity which is an investment service or activity for which it has a Part 4A permission;
(d) that the firm has seriously and systematically infringed any assimilated direct legislation, or any provision made by or under this Act, which sets the operating conditions in relation to a regulated activity which is an investment service or activity for which it has a Part 4A permission;
(e) that the firm has seriously or systematically infringed the markets in financial instruments regulation.
(2) For the purposes of this section a regulated activity is an investment service or activity if it falls within the definition of “investment services and activities” in section 417(1).

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Source: https://www.legislation.gov.uk/ukpga/2000/8/section/55K (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000/section-55K
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.