C2Part XX Provision of Financial Services by Members of the Professions

Annotations:
Modifications etc. (not altering text)
C2

Pt. 20 modified (E.W.S.) by S.I. 2000/119, Sch. 4 para. 11 (as substituted (1.7.2009 in accordance with art. 1(1)(c) of S.I. 2009/1587) by S.I. 2009/1587, art. 3(11))

329 Orders in relation to the general prohibition.

C11

Subsection (2) applies if it appears to the Authority that a person to whom, as a result of section 327(1), the general prohibition does not apply is not a fit and proper person to carry on regulated activities in accordance with that section.

2

The Authority may make an order disapplying section 327(1) in relation to that person to the extent specified in the order.

3

The Authority may, on the application of the person named in an order under subsection (1), vary or revoke it.

4

“Specified” means specified in the order.

5

If a partnership is named in an order under this section, the order is not affected by any change in its membership.

6

If a partnership named in an order under this section is dissolved, the order continues to have effect in relation to any partnership which succeeds to the business of the dissolved partnership.

7

For the purposes of subsection (6), a partnership is to be regarded as succeeding to the business of another partnership only if—

a

the members of the resulting partnership are substantially the same as those of the former partnership; and

b

succession is to the whole or substantially the whole of the business of the former partnership.