The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001

Scope of permission where reference is made to the Tribunal U.K.

60.—(1) On a reference under article 58 the Tribunal must determine the question whether the Authority’s view as stated in the final view notice was appropriate having regard to article 55(4) to (6).

(2) Where the Tribunal determines that the Authority’s view as stated in the final view notice was appropriate, with effect from the date of that determination—

(a) the regulated activities the person has permission under Part IV to carry on at commencement; and

(b) the requirements (if any) to which he is subject under section 43 at commencement,

are, notwithstanding anything in any other provision of this Order, to be taken to be as stated in the final view notice.

(3) Where the Tribunal determines that the Authority’s view, as stated in the final view notice was not appropriate, the Tribunal must remit the matter to the Authority with such directions as the Tribunal thinks fit as to the scope of the person’s permission.

(4) The Authority must issue a further notice in accordance with the determination of, and any direction given by, the Tribunal setting out—

(a) the regulated activity or activities the person has permission under Part IV to carry on at commencement, described in such manner as the Authority considers appropriate;

(b) the requirements (if any) to which he is subject under section 43 at commencement,

and, with effect from the date of that notice, those matters are to be taken to be as stated in that notice, notwithstanding anything in any other provision of this Order.

Commencement Information

I1 Art. 60 in force at 10.8.2001, see art. 1(2)(a)