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The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001
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There are currently no known outstanding effects for the The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001, Section 38.
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Restrictions under section 12 of the Banking ActU.K.
38.—(1) This article applies where immediately before commencement a person was subject to a restriction on authorisation imposed under section 12 of the Banking Act.
(2) Any conditions imposed by the restriction have effect after commencement as if they were requirements imposed on the person under section 43.
(3) If the restriction imposes a limit on the duration of the person’s authorisation under the Banking Act, to the extent that it does so it has effect after commencement as if it were a requirement, imposed under section 43, that after the relevant date he refrain from carrying on any activity of the kind referred to in article 11 and which he has a Part IV permission to carry on.
(4) The relevant date is the date when (but for the repeal of the Banking Act) the authorisation under the Banking Act would have expired.
(5) A requirement having effect by virtue of paragraph (3) may not be cancelled, and may not be varied so as to allow the person to carry on after the permitted period any activity mentioned in that paragraph.
(6) The permitted period is the period of three years beginning with the date on which the restriction under section 12 of the Banking Act was first imposed.
Commencement Information
I1Art. 38 in force at 1.12.2001, see art. 1(2)(b)
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