Part III Authorisation and Exemption
Exemption
39AF1Certain tied agents operating outside United Kingdom
1
This section applies to an authorised person whose relevant office is in the United Kingdom if—
a
he is a party to a contract with a person (other than an authorised person) who is F3established in the United Kingdom; and
b
the contract is a relevant contract.
2
A contract is a “relevant contract” if it satisfies conditions A to C.
3
Condition A is that the contract permits or requires the person mentioned in subsection (1)(a) (the “agent”) to carry on investment services business.
4
Condition B is that F4the FCA is satisfied that no such business is, or is likely to be, carried on by the agent in the United Kingdom.
5
Condition C is that the business is of a description that, if carried on in the United Kingdom, would be prescribed for the purposes of section 39(1)(a)(i).
6
An authorised person to whom this section applies who—
a
enters into or continues to perform a relevant contract with an agent which does not comply with the applicable requirements,
b
enters into or continues to perform a relevant contract without accepting or having accepted responsibility in writing for the agent's activities in carrying on investment services business,
F2c
enters into a relevant contract with an agent who is not entered on—
i
the record maintained by the FCA by virtue of section 347(1)(ha), or
F5ii
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
d
continues to perform a relevant contract with an agent when he knows or ought to know that the agent is not entered on that record F6... ,
is to be taken for the purposes of this Act to have contravened a requirement imposed on him by or under this Act.
7
The “applicable requirements” are the requirements prescribed for the purposes of subsection (1)(a)(ii) of section 39 which have effect in the case of a person to whom subsection (1A) of that section applies.
F78
Section 39(7) applies for the purposes of this section.
9
In this section—
F8...
“relevant office” means—
- a
in relation to a body corporate, its registered office or, if it has no registered office, its head office, and
- b
in relation to a person other than a body corporate, the person's head office.
- a