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The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001
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There are currently no known outstanding effects for the The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001, Section 28.
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Treaty firms authorised under section 31 of the Financial Services ActU.K.
28.—(1) This article applies to a Treaty firm which immediately before commencement—
(a)was authorised under section 31 of the Financial Services Act; or
(b)would have been so authorised but for a direction under section 33 of that Act.
(2) If no such notice as is required by paragraph 3(2) of Schedule 4 has been given as respects the firm in relation to a relevant activity which the firm has received home state authorisation to carry on, the notice is deemed to have been given.
(3) A relevant activity is a regulated activity which, immediately before commencement, the firm was by reason of its authorisation under section 31 of the Financial Services Act (or would have been but for a direction under section 33 of that Act) able to carry on in the United Kingdom without contravening section 3 of that Act.
(4) Any notice of the firm’s intention to carry on a regulated activity in the United Kingdom which was given by the firm before commencement—
(a)under section 32 of the Financial Services Act; or
(b)in accordance with rules or regulations as mentioned in section 48(2)(a)(ii) of that Act,
is to be treated for the purposes of paragraph 5 of Schedule 4 as having been a written notice of that intention given to the Authority in accordance with that paragraph.
(5) Where the firm was, immediately before commencement, subject to a direction under section 33 of the Financial Services Act, the direction has effect after commencement as if it were a requirement, imposed under section 196, that the firm refrain from carrying on any activity which immediately before commencement it was prevented by the direction from carrying on.
(6) In the case of a limited direction, a requirement having effect by virtue of paragraph (5) is to be taken to be framed so as to expire when (but for the repeal of the Financial Services Act) the direction would have expired.
(7) A limited direction means a direction which was framed so as to expire at the end of a specified period or on the occurrence of a specified event or on compliance with specified conditions.
Commencement Information
I1Art. 28 in force at 1.12.2001, see art. 1(2)(b)
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