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Financial Services and Markets Act 2000
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- UK Public General Acts
- 2000 c. 8
- Part III
- Ending of authorisation
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Point in time view as at 26/03/2015.
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Financial Services and Markets Act 2000, Cross Heading: Ending of authorisation is up to date with all changes known to be in force on or before 26 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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Ending of authorisationU.K.
33 Withdrawal of authorisation F1....U.K.
(1)This section applies if—
(a)an authorised person’s [F2Part 4A permission] is cancelled; and
(b)as a result, there is no regulated activity for which he has permission.
(2)The [F3appropriate regulator] must give a direction withdrawing that person’s status as an authorised person.
[F4(2A)In subsection (2) “the appropriate regulator” means—
(a)in the case of a PRA-authorised person, the PRA, and
(b)in any other case, the FCA.]
Textual Amendments
F1Words in s. 33 heading omitted (1.4.2013) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 2(5) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 33(1)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 2(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 33(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 2(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4S. 33(2A) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 2(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
34 EEA firms.U.K.
(1)An EEA firm ceases to qualify for authorisation under Part II of Schedule 3 if it ceases to be an EEA firm as a result of—
(a)having its EEA authorisation withdrawn; or
(b)ceasing to have an EEA right in circumstances in which EEA authorisation is not required.
(2)At the request of an EEA firm, [F5the appropriate regulator] may give a direction cancelling its authorisation under Part II of Schedule 3.
[F6(2A)In subsection (2) “the appropriate regulator” means—
(a)in the case of a PRA-authorised person, the PRA, and
(b)in any other case, the FCA.]
(3)If an EEA firm has a [F7Part 4A permission], it does not cease to be an authorised person merely because it ceases to qualify for authorisation under Part II of Schedule 3.
Textual Amendments
F5Words in s. 34(2) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 27(2) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F6S. 34(2A) inserted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 27(3) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F7Words in s. 34(3) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 27(4) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
Modifications etc. (not altering text)
C1S. 34(2) modified (1.12.2001) by S.I. 2001/2511, regs. 1(1), 8; S.I. 2001/3538, art. 2(1)
35 Treaty firms.U.K.
(1)A Treaty firm ceases to qualify for authorisation under Schedule 4 if its home State authorisation is withdrawn.
(2)At the request of a Treaty firm, [F8the appropriate regulator] may give a direction cancelling its Schedule 4 authorisation.
[F9(2A)In subsection (2) “the appropriate regulator” means—
(a)in the case of a PRA-authorised person, the PRA, and
(b)in any other case, the FCA.]
(3)If a Treaty firm has a [F10Part 4A permission], it does not cease to be an authorised person merely because it ceases to qualify for authorisation under Schedule 4.
Textual Amendments
F8Words in s. 35(2) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 28(2) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F9S. 35(2A) inserted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 28(3) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
F10Words in s. 35(3) substituted (27.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 28(4) (with Sch. 20); S.I. 2013/423, arts. 2, 3, Sch.
36 Persons authorised as a result of paragraph 1(1) of Schedule 5.U.K.
(1)At the request of a person authorised as a result of paragraph 1(1) of Schedule 5, the [F11FCA] may give a direction cancelling his authorisation as such a person.
(2)If a person authorised as a result of paragraph 1(1) of Schedule 5 has a [F12Part 4A permission], he does not cease to be an authorised person merely because he ceases to be a person so authorised.
Textual Amendments
F11Word in s. 36(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 3(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F12Words in s. 36(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 3(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
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