Application of the Act to persons with interim permission7.

(1)

This article applies to every person with an interim permission under article 5(2) of this Order.

(2)

A person with an interim permission is to be treated as an authorised person for the purposes of the Act (and any provision made under the Act), unless otherwise expressly provided for by this article.

(3)

For the purpose of section 2017 of the Act (authorised person acting without permission), a person’s interim permission is treated as having been given to that person under Part 4A of the Act.

(4)

For the purpose of section 55L(1)18 of the Act (imposition of requirements by FCA), a person who obtains interim permission by virtue of this Order is treated as having applied to the FCA for a Part 4A permission or variation of a Part 4A permission.

(5)

For the purpose of section 55L(2) of the Act, a person’s interim permission is treated as having been given to that person by the FCA.

(6)

A person’s interim permission is to be disregarded for the purposes of the following sections of the Act—

(a)

section 38(2)19 (exemption orders);

(b)

section 55A(3)20 (application for permission);

(c)

section 55E21 (giving permission: the FCA); and

(d)

section 55F22 (giving permission: the PRA).