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Financial Services and Markets Act 2000, Section 405 is up to date with all changes known to be in force on or before 25 August 2024. 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.
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(1)For the purpose of implementing a third country decision, the Treasury may direct the [F1appropriate regulator] to—
(a)refuse an application for permission under [F2Part 4A] 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 [F3section 178 notice] 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 [F4section 178 notice].
(2)A direction may also be given in relation to—
(a)any person falling within a class specified in the direction;
(b)future applications, [F5section 178 notices] 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(4)But revocation does not affect anything done in accordance with the direction before it was revoked.
[F6(4A)“The appropriate regulator”—
(a)for the purposes of subsection (1)(a) and (b), is the regulator to which the application for permission under Part 4A is made;
(b)for the purposes of subsection (1)(c) and (d), is the appropriate regulator as defined in section 178(2A).
(4B)“Section 178 notice” means a notice given under section 178.]
(5)“Third country decision” means a decision of the Council or the Commission under—
[F7(a)Article 15(3) of the markets in financial instruments directive;]
(b)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)Article 29b(4) of the first non-life insurance directive; or
[F9(d)Article 59(4) of the life assurance consolidation directive.]
Textual Amendments
F1Words in s. 405(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 21(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 405(1)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 21(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 405(1)(c) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 21(2)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Words in s. 405(1)(d) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 21(2)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5Words in s. 405(2)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 21(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6S. 405(4A)(4B) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 21(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7S. 405(5)(a) substituted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(5), Sch. 5 para. 17
F8S. 405(5)(b) repealed (1.1.2007) by The Capital Requirements Regulations 2006 (S.I. 2006/3221), reg. 29(1), Sch. 3 para. 1
F9S. 405(5)(d) substituted (11.1.2005) by The Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 (S.I. 2004/3379), reg. 6(4)
Commencement Information
I1S. 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)
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