The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001

Notice of scope of permission U.K.

55.—(1) The Authority must give notice in accordance with paragraph (2) (in this Part referred to as a “scope of permission notice”) to each person who has a Part IV permission by virtue of this Order.

(2) A scope of permission notice must be in writing and must—

(a) specify the regulated activity or activities the Authority considers the person has a Part IV permission to carry on at commencement, described in such manner as the Authority considers appropriate;

(b) specify all the requirements (if any) under section 43 to which the Authority considers he is subject at commencement.

(3) A scope of permission notice must be given as soon as reasonably practicable and, except in respect of a person who gives notice to the Authority in accordance with article 5(3), the Authority must use its best endeavours to send out the notices before commencement.

(4) For the purpose of determining the description of the Part IV permission in accordance with paragraph (2)—

(a) the person to whom the notice is given must be treated as satisfying the threshold conditions in relation to all of the regulated activities which he has, by virtue of Chapter I of Part II of this Order, permission to carry on at commencement, having regard to all the requirements under section 43 to which he is subject by virtue of Part III of this Order;

(b) the Authority must not consider any material relating to the matters set out in section 45(1).

(5) Subject to paragraph (4), where an authorisation conferred before commencement by a provision referred to in Chapter I of Part II of this Order circumscribed the activity to which the authorisation related in a particular way, the Authority may specify in the scope of permission notice a permission which is not so circumscribed provided that it also specifies in the notice a requirement imposed under section 43 which achieves the same effect.

(6) In relation to a person falling within article 5(1), the scope of permission notice may take into account any indication given by that person which is contained in the notice given pursuant to paragraph (5) of that article.

Commencement Information

I1 Art. 55 in force at 10.8.2001, see art. 1(2)(a)