PART IVModification and termination of authorisations

Conditions of transferred authorisations23

1

Where an application under regulation 22 is granted, or deemed to have been granted, the following provisions of this regulation apply.

2

In the case of a transfer of the whole of an authorisation SEPA shall send a copy of the amended authorisation specifying–

a

the date on which the transfer is to have effect; and

b

the responsible person in respect of the authorisation,

to that responsible person.

3

In the case of transfer of part of an authorisation, SEPA shall–

a

issue a new authorisation in respect of the part to be transferred, which specifies–

i

the controlled activities being transferred and any conditions applying to them;

ii

the responsible person for that authorisation; and

iii

the date on which the new authorisation is to have effect,

to the responsible person for that part; and

b

issue an amended authorisation in respect of the part not so transferred which specifies–

i

the controlled activities in relation to that part and any conditions applying to them;

ii

the responsible person for that authorisation; and

iii

the date on which the amended authorisation is to have effect,

to the responsible person for that part.