- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 No. 369
7.—(1) This article applies to every person with an interim permission under article 5(2) of this Order.
(2) A person with an interim permission is to be treated as an authorised person for the purposes of the Act (and any provision made under the Act), unless otherwise expressly provided for by this article.
(3) For the purpose of section 20(1) of the Act (authorised person acting without permission), a person’s interim permission is treated as having been given to that person under Part 4A of the Act.
(4) For the purpose of section 55L(1)(2) of the Act (imposition of requirements by FCA), a person who obtains interim permission by virtue of this Order is treated as having applied to the FCA for a Part 4A permission or variation of a Part 4A permission.
(5) For the purpose of section 55L(2) of the Act, a person’s interim permission is treated as having been given to that person by the FCA.
(6) A person’s interim permission is to be disregarded for the purposes of the following sections of the Act—
(a)section 38(2)(3) (exemption orders);
(b)section 55A(3)(4) (application for permission);
(c)section 55E(5) (giving permission: the FCA); and
(d)section 55F(6) (giving permission: the PRA).
Inserted by the Financial Services Act 2012, Schedule 9(2) paragraphs 2(2)(a), (b), (c), 2(3), 2(4), 2(5), 2(6).
Inserted by the Financial Services Act 2012, section 11(2)
Inserted by the Financial Services Act 2012, section 114(1), Schedule 18, Pt 1, paragraphs 1, 4.
Inserted by the Financial Services Act 2012, section 11(2).
Inserted by the Financial Services Act 2012, section 11(2).
Inserted by the Financial Services Act 2012, section 11(2).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Draft Explanatory Memorandum sets out a brief statement of the purpose of a Draft Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Draft Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: