Financial Services and Markets Act 2000

405 Directions. U.K.

(1) For the purpose of implementing a third country decision, the Treasury may direct the Authority to—

(a) refuse an application for permission under Part IV made by a body incorporated in, or formed under the law of, any part of the United Kingdom;

(b) defer its decision on such an application either indefinitely or for such period as may be specified in the direction;

(c) give a notice of objection to a person who has served a notice of control to the effect that he proposes to acquire a 50% stake in a UK authorised person; or

(d) give a notice of objection to a person who has acquired a 50% stake in a UK authorised person without having served the required notice of control.

(2) A direction may also be given in relation to—

(a) any person falling within a class specified in the direction;

(b) future applications, notices of control or acquisitions.

(3) The Treasury may revoke a direction at any time.

(4) But revocation does not affect anything done in accordance with the direction before it was revoked.

(5) “Third country decision” means a decision of the Council or the Commission under—

(a) Article 7(5) of the investment services directive;

(b) [F1 Article 23(5) of the banking consolidation directive];

(c) Article 29b(4) of the first non-life insurance directive; or

(d) Article 32b(4) of the first life insurance directive.

Textual Amendments

F1 Words in s. 405(5)(b) substituted (22.11.2000) by S.I. 2000/2952, reg. 8(3)

Commencement Information

I1 S. 405 wholly in force at 1.12.2001; s. 405 not in force at Royal Assent see s. 431(2); s. 405 (except (1)(c)(d)) in force at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 405 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)