Part III Authorisation and Exemption

Authorisation

32 Partnerships and unincorporated associations.

1

If a firm is authorised—

a

it is authorised to carry on the regulated activities concerned in the name of the firm; and

b

its authorisation is not affected by any change in its membership.

2

If an authorised firm is dissolved, its authorisation continues to have effect in relation to any F1individual or firm which succeeds to the business of the dissolved firm.

F23

For the purposes of this section, an individual or firm is to be regarded as succeeding to the business of a dissolved firm only if succession is to the whole or substantially the whole of the business of the former firm.

4

“Firm” means—

a

a partnership; or

b

an unincorporated association of persons.

5

“Partnership” does not include a partnership which is constituted under the law of any place outside the United Kingdom and is a body corporate.