Financial Services Act 2012

5 (1) Section 61 (determination of applications) is amended as follows. U.K.

(2) In subsection (1), for “The Authority may grant an application made under section 60” substitute “ The regulator to which an application is made under section 60 may grant the application ”.

(3) In subsection (2)—

(a) for “the Authority” substitute “ the regulator ”, and

(b) after “general rules” insert “ made by that regulator ”.

(4) After subsection (2) insert—

“(2A) Subsections (1) and (2) apply in relation to the giving by the FCA of any required consent as they apply in relation to the grant of the application.”

(5) In subsection (3), for the words from the beginning to “determine” substitute “ The regulator to which an application is made under section 60 must, before the end of the period for consideration, determine ”.

(6) After subsection (3) insert—

“(3A) The period for consideration”—

(a) in any case where the application under section 60 is made by a person applying for permission under Part 4A (see section 60(6)), means whichever ends last of—

(i) the period within which the application for that permission must be determined under section 55V(1) or (2), and

(ii) the period of 3 months beginning with the date on which the regulator receives the application under section 60, and

(b) in any other case, means the period of 3 months beginning with the date on which the regulator receives the application under section 60.”

(7) In subsection (4), for “the Authority”, in each place, substitute “ a regulator ”.

(8) In subsection (5)—

(a) for “Authority”, in the first place, substitute “ regulator to which the application was made ”, and

(b) for “Authority”, in the second place, substitute “ regulator ”.

Commencement Information

I1 Sch. 5 para. 5 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.