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Financial Services and Markets Act 2000

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Changes over time for: Paragraph 58

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Point in time view as at 01/01/2025.

Changes to legislation:

Financial Services and Markets Act 2000, Paragraph 58 is up to date with all changes known to be in force on or before 22 February 2025. 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. Help about Changes to Legislation

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[F158(1)Sub-paragraph (2) applies where—U.K.

(a)the Treasury withdraw their approval of a regulated activity for the purposes of this Schedule (by revoking or amending regulations under paragraph 5), and

(b)immediately before approval is withdrawn, a person had a Schedule 2A permission to carry on the activity.

(2)The regulated activity is to be treated as approved under this Schedule but—

(a)only so far as carried on by the person,

(b)subject to the time limit in sub-paragraph (3), and

(c)subject to any restriction under paragraph 60.

(3)The regulated activity ceases to be treated as approved under this Schedule by virtue of sub-paragraph (2)—

(a)at the end of the period specified by the Treasury by regulations, or

(b)if earlier, when an event listed in sub-paragraph (4) first occurs.

(4)Those events are—

(a)the person ceases to carry on the regulated activity in the United Kingdom;

(b)the person ceases to have permission from the Gibraltar regulator to carry on the corresponding activity in Gibraltar;

(c)the person ceases to have a Schedule 2A permission in respect of the activity;

(d)the person is given permission under Part 4A of this Act in respect of the activity;

(e)the Treasury approve the activity for the purposes of this Schedule (by making regulations under paragraph 5).

(5)Where the approval of the regulated activity referred to in sub-paragraph (1)(a) is subject to limitations, references in this Part of this Schedule to that activity are to that activity subject to those limitations.

(6)Where the withdrawal of the approval of the regulated activity referred to in sub-paragraph (1)(a) is subject to limitations, references in this Part of this Schedule to that activity are to that activity subject to those limitations.

(7)For the purposes of sub-paragraph (4)(b) and (c), a person does not cease to have permission in respect of an activity while it has permission to carry on the activity by virtue of, and subject to the restrictions in, Part 10 of this Schedule.]

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