- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (18/06/2001)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 03/09/2001
Point in time view as at 18/06/2001. This version of this schedule contains provisions that are not valid for this point in time.
Financial Services and Markets Act 2000,
SCHEDULE 6 is up to date with all changes known to be in force on or before 30 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Section 41.
Modifications etc. (not altering text)
C1Sch. 6 modified (3.9.2001) by S.I. 2001/2507, arts. 1(1), 3(1); S.I. 2001/2632, art. 2(2), Sch. Pt. 2
Prospective
1(1)If the regulated activity concerned is the effecting or carrying out of contracts of insurance the authorised person must be a body corporate, a registered friendly society or a member of Lloyd’s.
(2)If the person concerned appears to the Authority to be seeking to carry on, or to be carrying on, a regulated activity constituting accepting deposits, it must be—
(a)a body corporate; or
(b)a partnership.
Yn ddilys o 03/09/2001
2(1)If the person concerned is a body corporate constituted under the law of any part of the United Kingdom—
(a)its head office, and
(b)if it has a registered office, that office,
must be in the United Kingdom.
(2)If the person concerned has its head office in the United Kingdom but is not a body corporate, it must carry on business in the United Kingdom.
Yn ddilys o 19/01/2003
[F1[F12A(1)If it appears to the Authority that—
(a)the regulated activity that the person concerned is carrying on, or is seeking to carry on, is the effecting or carrying out of contracts of insurance, and
(b)contracts of insurance against damage arising out of or in connection with the use of motor vehicles on land (other than carrier’s liability) are being, or will be, effected or carried out by the person concerned,
that person must have a claims representative in each EEA State other than the United Kingdom.
(2)For the purposes of sub-paragraph (1)(b), contracts of reinsurance are to be disregarded.
(3)A claims representative is a person with responsibility for handling and settling claims arising from accidents of the kind mentioned in Article 1(2) of the fourth motor insurance directive.
(4)In this paragraph “fourth motor insurance directive” means Directive 2000/26/EC of the European Parliament and of the Council of 16th May 2000 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles and amending Council Directives 73/239/EEC and 88/357/EEC.]]
Textual Amendments
Yn ddilys o 03/09/2001
3(1)If the person concerned (“A”) has close links with another person (“CL”) the Authority must be satisfied—U.K.
(a)that those links are not likely to prevent the Authority’s effective supervision of A; and
(b)if it appears to the Authority that CL is subject to the laws, regulations or administrative provisions of a territory which is not an EEA State (“the foreign provisions”), that neither the foreign provisions, nor any deficiency in their enforcement, would prevent the Authority’s effective supervision of A.
(2)A has close links with CL if—
(a)CL is a parent undertaking of A;
(b)CL is a subsidiary undertaking of A;
(c)CL is a parent undertaking of a subsidiary undertaking of A;
(d)CL is a subsidiary undertaking of a parent undertaking of A;
(e)CL owns or controls 20% or more of the voting rights or capital of A; or
(f)A owns or controls 20% or more of the voting rights or capital of CL.
(3)“Subsidiary undertaking” includes all the instances mentioned in Article 1(1) and (2) of the Seventh Company Law Directive in which an entity may be a subsidiary of an undertaking.
Modifications etc. (not altering text)
C2Sch. 6 para. 3 restricted (3.9.2001) by S.I. 2001/2507, arts. 1(1), 3(3); S.I. 2001/2632, art. 2(2), Sch. Pt. 2
Yn ddilys o 03/09/2001
4(1)The resources of the person concerned must, in the opinion of the Authority, be adequate in relation to the regulated activities that he seeks to carry on, or carries on.U.K.
(2)In reaching that opinion, the Authority may—
(a)take into account the person’s membership of a group and any effect which that membership may have; and
(b)have regard to—
(i)the provision he makes and, if he is a member of a group, which other members of the group make in respect of liabilities (including contingent and future liabilities); and
(ii)the means by which he manages and, if he is a member of a group, which other members of the group manage the incidence of risk in connection with his business.
Modifications etc. (not altering text)
C3Sch. 6 para. 4 restricted (3.9.2001) by S.I. 2001/2507, arts. 1(1), 3(3); S.I. 2001/2632, art. 2(2), Sch. Pt. 2
Yn ddilys o 03/09/2001
5U.K.The person concerned must satisfy the Authority that he is a fit and proper person having regard to all the circumstances, including—
(a)his connection with any person;
(b)the nature of any regulated activity that he carries on or seeks to carry on; and
(c)the need to ensure that his affairs are conducted soundly and prudently.
Modifications etc. (not altering text)
C4Sch. 6 para. 5 restricted (3.9.2001) by S.I. 2001/2507, arts. 1(1), 3(3); S.I. 2001/2632, art. 2(2), Sch. Pt. 2
Yn ddilys o 03/09/2001
6U.K.In relation to an EEA firm qualifying for authorisation under Schedule 3, the conditions set out in paragraphs 1 and 3 to 5 apply, so far as relevant, to—
(a)an application for permission under Part IV;
(b)exercise of the Authority’s own-initiative power under section 45 in relation to a Part IV permission.
7U.K.In relation to a person who qualifies for authorisation under Schedule 4, the conditions set out in paragraphs 1 and 3 to 5 apply, so far as relevant, to—
(a)an application for an additional permission;
(b)the exercise of the Authority’s own-initiative power under section 45 in relation to additional permission.
8(1)If this paragraph applies to the person concerned, he must, for the purposes of such provisions of this Act as may be specified, satisfy specified additional conditions.U.K.
(2)This paragraph applies to a person who—
(a)has his head office outside the EEA; and
(b)appears to the Authority to be seeking to carry on a regulated activity relating to insurance business.
(3)“Specified” means specified in, or in accordance with, an order made by the Treasury.
Commencement Information
I1Sch. 6 Pt. III para. 8 wholly in force at 3.9.2001; Sch. 6 Pt. III para. 8 not in force at Royal Assent see s. 431(2); Sch. 6 Pt. III para. 8 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; Sch. 6 Pt. III para. 8 in force in so far as not already in force at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2
9U.K.The Treasury may by order—
(a)vary or remove any of the conditions set out in Parts I and II;
(b)add to those conditions.
Commencement Information
I2Sch. 6 Pt. III para. 9 wholly in force at 3.9.2001; Sch. 6 Pt. III para. 9 not in force at Royal Assent see s. 431(2); Sch. 6 Pt. III para. 9 in force for certain purposes at 25.2.2001 by S.I. 2001/516, art. 2(b), Sch. Pt. 2; Sch. 6 Pt. III para. 9 in force in so far as not already in force at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2
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