C1C2C10C8F1PART 4APermission to carry on regulated activities

Annotations:
Amendments (Textual)
F1

Pt. 4A substituted for ss. 40-55 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 11(2), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.

Modifications etc. (not altering text)
C2

Pt. 4A modified (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 31(6)

C10

Pt. 4A modified (7.11.2018) by The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), regs. 1(2), 5-7 (with regs. 4, 8-19) (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2))

Procedure

C3C5C2C9C1155VDetermination of applications

C6C71

An application under this Part must be determined by the regulator to which it is required to be made (“the appropriate regulator”) before the end of the period of 6 months beginning with the date on which it received the completed application.

2

The appropriate regulator may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within 12 months beginning with the date on which it received the application.

3

Where the application cannot be determined by the appropriate regulator without the consent of the other regulator, the other regulator's decision must also be made within the period required by subsection (1) or (2).

C44

The applicant may withdraw the application, by giving the appropriate regulator written notice, at any time before the appropriate regulator determines it.

5

If the appropriate regulator grants an application—

a

for Part 4A permission,

b

for the variation or cancellation of a Part 4A permission,

c

for the variation or cancellation of a requirement imposed under section 55L or 55M, F5...

d

for the imposition of a new requirement under either of those sections F6, or

e

for permission under section 55NA or for the variation or cancellation of permission granted under that section,

it must give the applicant written notice.

6

The notice must state the date from which the permission, variation, cancellation or requirement has effect.

7

A notice under this section which is given by the PRA and relates to the grant of an application for Part 4A permission or for the variation of a Part 4A permission must state that the FCA has given its consent to the grant of the application.

F28

In the case of an application for permission under this Part which—

a

relates to the regulated activity of managing an AIF, and

b

would if granted result in the applicant becoming a full-scope UKAIFM,

this section has effect subject to F3regulation 5F3regulations 5 and 5A of the Alternative Investment Fund Managers Regulations 2013 and, accordingly, subsections (1) to (3) do not apply.

F49

In the case of an application which—

a

is for a Part 4A permission or a variation of a Part 4A permission, and

b

relates only to the undertaking of insurance distribution activity,

subsection (1) has effect as if the reference to “6 months” were to “3 months”.

10

In this section, “insurance distribution activity” has the meaning given in article 92 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.