Finance (No. 2) Act 2023

100 Approval to carry on controlled activity

(1) A UK person may not carry on a controlled activity otherwise than in accordance with an approval given by the Commissioners under this section.

(2) The Commissioners may approve a person under this section to carry on a controlled activity only if they are satisfied that the person is a fit and proper person to carry on the activity.

(3) The Commissioners may approve a person under this section to carry on a controlled activity for such period as they think fit.

(4) An approval may be given subject to the conditions or restrictions (if any)—

(a) specified by the Commissioners in a notice published by them;

(b) specified by or under regulations made by them;

(c) imposed by them in a particular case.

(5) The conditions or restrictions may include conditions or restrictions requiring the controlled activity to be carried on only at or from premises specified or approved by the Commissioners.

(6) The Commissioners may at any time revoke or vary the terms of an approval under this section.

(7) In this Chapter “approved wholesaler” means a person approved under this section to carry on a controlled activity.