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Modifications etc. (not altering text)
C1Pt. IV (ss. 40-55) extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 3-24; S.I. 2001/3538, art. 2(1)
Pt. IV (ss. 40-55) extended (with modifications) (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 35(5)(a); S.I. 2001/3538, art. 2(1)
Pt. IV (ss. 40-50) excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 107(2) (with art. 23(2))
Pt. IV (ss. 40-55) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 121(3), 128(3)(a) (with art. 23(2))
C2Pt. 4 applied (with modifications) (6.4.2005) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2004 (S.I. 2004/2737), art. 4
(1)In considering—
(a)an application for a Part IV permission, or
(b)whether to vary or cancel a Part IV permission,
the Authority may have regard to any person appearing to it to be, or likely to be, in a relationship with the applicant or person given permission which is relevant.
(2)Before—
(a)giving permission in response to an application made by a person who is connected with an EEA firm [F1(other than an EEA firm falling within paragraph 5(e) of Schedule 3 (insurance and reinsurance intermediaries))], or
(b)cancelling or varying any permission given by the Authority to such a person,
the Authority must consult the firm’s home state regulator.
[F2(2A)But subsection (2) does not apply to the extent that the permission relates to—
(a)an insurance mediation activity (within the meaning given by paragraph 2(5) of Schedule 6); or
(b)a regulated activity involving a regulated mortgage contract [F3, a regulated home reversion plan or a regulated home purchase plan].]
(3)A person (“A”) is connected with an EEA firm if—
(a)A is a subsidiary undertaking of the firm; or
(b)A is a subsidiary undertaking of a parent undertaking of the firm.
Textual Amendments
F1Words in s. 49(2)(a) inserted (31.10.2004 for certain purposes, otherwise 14.1.2005) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), art. 20(2)
F2S. 49(2A) inserted by S.I. 2001/1544, art. 97 (as inserted (15.7.2004) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2004 (S.I. 2004/1610), art. 3)
F3Words in s. 49(2A)(b) inserted (6.11.2006 for certain purposes, otherwise 6.4.2007) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006 (S.I. 2006/2383), arts. 1(2), 28 (with arts. 36-39)
Modifications etc. (not altering text)
C3Ss. 46, 47, 48, 49, 50, 51(2) modified (temp.) (8.4.2002) by The Financial Services and Markets Act 2000 (Permission and Applications) (Credit Unions etc.) Order 2002 (S.I. 2002/704), art. 7
C4S. 49(2) excluded (10.8.2004) by The Financial Conglomerates and Other Financial Groups Regulations 2004 (S.I. 2004/1862), reg. 3(2)