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 [F1 appropriate regulator] to—

(a) refuse an application for permission under [F2 Part 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 [F3 section 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 [F4 section 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, [F5 section 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(4) But revocation does not affect anything done in accordance with the direction before it was revoked.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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Words 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.

F2 Words 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.

F3 Words 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.

F4 Words 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.

F5 Words 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.

F6 S. 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.

F7 S. 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

F8 S. 405(5)(b) repealed (1.1.2007) by The Capital Requirements Regulations 2006 (S.I. 2006/3221), reg. 29(1), Sch. 3 para. 1

F9 S. 405(5)(c)(d) omitted (1.1.2016) by virtue of The Solvency 2 Regulations 2015 (S.I. 2015/575), reg. 1(2), Sch. 1 para. 14

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)