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Financial Services and Markets Act 2000
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Changes over time for: Section 407
Version Superseded: 29/06/2017
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Point in time view as at 16/12/2016. This version of this provision has been superseded.
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Financial Services and Markets Act 2000, Section 407 is up to date with all changes known to be in force on or before 11 November 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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407 Consequences of a direction under section 405.U.K.
This section has no associated Explanatory Notes
(1)If [F1a regulator] refuses an application for permission as a result of a direction under section 405(1)(a)—
(a)[F2section 55X does] not apply in relation to the refusal; but
(b)the [F3regulator] must notify the applicant of the refusal and the reasons for it.
(2)If [F4a regulator] defers its decision on an application for permission as a result of a direction under section 405(1)(b)—
(a)the time limit for determining the application mentioned in [F5subsections (1) to (3) of section 55V] stops running on the day of the deferral and starts running again (if at all) on the day the period specified in the direction (if any) ends or the day the direction is revoked; and
(b)the [F6regulator] must notify the applicant of the deferral and the reasons for it.
(3)If [F7a regulator] gives a notice of objection to a person as a result of a direction under section 405(1)(c) or (d)—
(a)sections 189 and 191 have effect as if the notice was a notice of objection within the meaning of Part XII; and
(b)the [F8regulator] must state in the notice the reasons for it.
Textual Amendments
F1Words in s. 407(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 22(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2Words in s. 407(1)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 22(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Word in s. 407(1)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 22(2)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Words in s. 407(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 22(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5Words in s. 407(2)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 22(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F6Word in s. 407(2)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 22(3)(c) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F7Words in s. 407(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 22(4)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F8Word in s. 407(3)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 22(4)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I1S. 407 wholly in force at 1.12.2001; s. 407 not in force at Royal Assent see s. 431(2); s. 407(1)(2) in force at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 407 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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