- Y Diweddaraf sydd Ar Gael (Diwygiedig)
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Financial Services and Markets Act 2000
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Changes over time for: Section 55K
Version Superseded: 01/01/2024
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Financial Services and Markets Act 2000, Section 55K is up to date with all changes known to be in force on or before 22 November 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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[F155KInvestment firms: particular conditions that enable cancellationU.K.
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adran has no associated
Nodiadau Esboniadol
(1)The conditions referred to in section 55J(6) are as follows—
(a)that the firm has failed, during a period of at least 6 months, to carry on a regulated activity which is an investment service or activity for which it has a Part 4A permission;
(b)that the firm obtained the Part 4A permission by making a false statement or by other irregular means;
(c)that the firm no longer satisfies the requirements for authorisation F2... in relation to a regulated activity which is an investment service or activity for which it has a Part 4A permission;
(d)that the firm has seriously and systematically infringed [F3any retained direct EU legislation, or any provision made by or under this Act, which sets the operating conditions] in relation to a regulated activity which is an investment service or activity for which it has a Part 4A permission;
[F4(e)that the firm has seriously or systematically infringed the markets in financial instruments regulation.]
(2)For the purposes of this section a regulated activity is an investment service or activity if it falls within the definition of “investment services and activities” in section 417(1).]
Textual Amendments
F1Pt. 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.
F2Words in s. 55K(1)(c) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 17(a); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in s. 55K(1)(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 17(b); 2020 c. 1, Sch. 5 para. 1(1)
F4S. 55K(1)(e) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 4 (with reg. 7)
Modifications etc. (not altering text)
C1S. 55K(1)(a) modified (1.4.2013) by The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013 (S.I. 2013/440), arts. 1(1), 8(2)
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