58.—(1) P's interim permission, in so far as it relates to a particular regulated activity or class of activity ceases to have effect—
(a)if P applies to the appropriate regulator for Part 4A permission to carry on that activity or (as the case may be) to vary P's permission to add that activity to those to which the permission relates, before a date specified in a direction given by the FCA ( “ the application date ”), the date on which that application is determined;
(b)if P does not make such an application before the application date, the application date;
(c)in any other case, 1st April 2016.
(2) Paragraph (1) does not affect the ability of the FCA or the PRA to vary or to cancel an interim permission under the Act.
(3) For the purposes of paragraph (1)(a) the date on which an application is determined is—
(a)if the applicant by notice withdraws the application under section 55V(4) of the Act, the date on which the notice of withdrawal takes effect;
(b)if the application is granted by the appropriate regulator, the date on which the written notice given under section 55V(5) of the Act takes effect;
(c)if the appropriate regulator gives a decision notice under section 388 of the Act in relation to the application, the date on which that notice takes effect.
(4) Directions under this article may—
(a)relate to [F1classes of person (including classes of person] [F1a particular person or class of person (including a class of person] identified by reference to whether they have, or have not, provided the FCA with a notification in a form specified in the direction by the FCA);
(b)contain different dates;
(c)relate to different descriptions of activities;
[F2(ca)specify a date before which an application may not be made (“the opening date”), provided that the opening date is at least three months before the application date;]
(d)be amended by the FCA by further direction.
[F3(5) Subject to article 59(5) and (5A), an application made before the opening date is to be treated for the purposes of sections 55A (application for permission) and 55V (determination of applications) of the Act as if it had not been made.]
[F4(5) Where P’s interim permission ceases to have effect in accordance with paragraph (1)—
(a)paragraph (6) applies in respect of an act or omission by P which occurred at a time when P had an interim permission;
(b)any requirement—
(i)imposed on P under section 55L, 55M or 404F(7) of the Act at a time when P had an interim permission, and
(ii)which is in effect immediately before that interim permission ceases to have effect,
continues to have effect and paragraph (6) applies in respect of any contravention of that requirement.
(6) If P is no longer an authorised person, P is to be treated as an authorised person for the purposes of the following provisions of the Act—
(a)Part 11 (information gathering and investigations) and Part 14 (disciplinary measures);
(b)section 384 of the Act (power of FCA or PRA to require restitution).]
Textual Amendments
F1Words in art. 58(4)(a) substituted (26.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014 (S.I. 2014/208), art. 1(3)(4), 7(4)(a)(i)
F2Art. 58(4)(ca) inserted (26.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014 (S.I. 2014/208), art. 1(3)(4), 7(4)(a)(ii)
F3Art. 58(5) inserted (26.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014 (S.I. 2014/208), art. 1(3)(4), 7(4)(b)
F4Art. 58(5)(6) inserted (14.2.2014 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (S.I. 2014/366), art. 1(3)(4), 19(3)