Modifications etc. (not altering text)
C1Pt. 20 modified (E.W.S.) by S.I. 2000/119, Sch. 4 para. 11 (as substituted (1.7.2009 in accordance with art. 1(1)(c) of S.I. 2009/1587) by S.I. 2009/1587, art. 3(11))
(1)Subsection (2) applies if it appears to the [F1FCA] that a person to whom, as a result of section 327(1), the general prohibition does not apply is not a fit and proper person to carry on regulated activities in accordance with that section.
(2)The [F1FCA] may make an order disapplying section 327(1) in relation to that person to the extent specified in the order.
(3)The [F1FCA] may, on the application of the person named in an order under subsection (1), vary or revoke it.
(4)“Specified” means specified in the order.
(5)If a partnership is named in an order under this section, the order is not affected by any change in its membership.
(6)If a partnership named in an order under this section is dissolved, the order continues to have effect in relation to any partnership which succeeds to the business of the dissolved partnership.
(7)For the purposes of subsection (6), a partnership is to be regarded as succeeding to the business of another partnership only if—
(a)the members of the resulting partnership are substantially the same as those of the former partnership; and
(b)succession is to the whole or substantially the whole of the business of the former partnership.
Textual Amendments
F1Word in s. 329 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 16 para. 3 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Modifications etc. (not altering text)
C2S. 329(1) amended (temp. from 3.9.2001 to 1.12.2001) by S.I. 2001/2659, arts. 1(2), 3(4); S.I. 2001/3538, art. 2(1)