The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013

Duration of interim permission

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 classes of person (including classes 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;

(d) be amended by the FCA by further direction.