The Financial Services and Markets Act 2000 (Interim Permissions) Order 2001

Duration of interim permission

8.—(1) A Relevant Applicant who has an interim permission to carry on a particular regulated activity may not after commencement withdraw his application for permission to carry on that activity, unless the Authority consents to his withdrawing it.

(2) Subject to paragraph (4) and without prejudice to the exercise by the Authority of its powers under Part IV, a Relevant Applicant’s interim permission to carry on a particular activity lapses on whichever is the earliest of the following dates—

(a) in a case where the Relevant Applicant withdraws his application for permission to carry on that activity, then when the application is withdrawn;

(b) in a case where the Authority gives permission to carry on the activity and does not exercise its power under section 42(7)(a) or (b) or section 43(1), then from the date when the permission given under section 42(2) takes effect;

(c) in a case where the Relevant Applicant refers the determination of his application to the Tribunal under section 55, then when the reference is determined in respect of that activity;

(d) in a case where—

(i) the Authority refuses permission or gives permission but exercises its power under section 42(7)(a) or (b) or section 43(1) in respect of the carrying on of the activity; and

(ii) the Relevant Applicant does not refer the matter to the Tribunal,

• then on the date when the right to refer the matter to the Tribunal expires.

(3) For the purposes of paragraph (1)(c), an application is decided when it has been determined and there is no possibility (or no further possibility) of the determination being reversed or varied on a reference to a tribunal or an appeal.

(4) Where—

(a) the Authority has exercised its powers under section 53 in respect of the activities covered by a Relevant Applicant’s interim permission; and

(b) the operation of paragraph (2) would result in there being no regulated activities for which the Relevant Applicant has a Part IV permission,

the interim permission does not lapse but remains in force (as varied by the Authority under section 53) until it is cancelled by the Authority; and the Authority must cancel the interim permission once it is satisfied that it is no longer necessary to keep the interim permission in force.