PART 3 U.K.Transitional and saving provision: applications for permission to carry on a regulated activity

CHAPTER 5U.K.Temporary permission and variation: duration

Period during which regulation 8 or 11 is to applyU.K.

17.—(1) For the purposes of regulations 9(2) and 12(2), the period is one that begins with [F1IP completion day] and ends—

(a)after three years beginning with the day on which [F1IP completion day] occurs, or

(b)if earlier, with a day determined in accordance with paragraph (3), (5) or (7).

(2) Paragraph (3) applies where a regulator makes a determination under section 55V in respect of an application—

(a)in the case of a person to whom regulation 8 applies, for a permission or cancellation of a permission under Part 4A of the 2000 Act, or

(b)in the case of a person to whom regulation 11 applies, for a variation or cancellation of such a permission.

(3) Where this paragraph applies—

(a)if the application is granted, the day referred to in paragraph (1)(b) is the day before the date stated in the written notice (issued in accordance with section 55V(5) of the 2000 Act) as that from which permission, variation or cancellation has effect;

(b)if the application for a permission or variation is refused, the day referred to in paragraph (1)(b) is the day before the day stated in the decision notice (issued in accordance with section 55X(4A) of the 2000 Act) as that on which regulation 8 or 11 ceases to apply.

(4) Paragraph (5) applies where a regulator exercises its power to cancel the Part 4A permission of a person to whom regulation 8 or 11 applies under section 55J of the 2000 Act.

(5) Where this paragraph applies, the day referred to in paragraph (1)(b) is the day before the day stated in the decision notice (issued in accordance with section 55Z(3) of the 2000 Act) as that on which regulation 8 or 11 ceases to apply.

(6) Paragraph (7) applies where—

(a)a regulator exercises its power to vary the Part 4A permission of a person to whom regulation 11 applies under section 55J of the 2000 Act, and

(b)as a result of the variation, there are no longer any regulated activities for which the person is treated as having permission by virtue of regulation 11.

(7) Where this paragraph applies, the day referred to in paragraph (1)(b) is the day before the day stated in the written notice (issued in accordance with section 55Y(4) of the 2000 Act) as that on which a variation takes effect.

(8) For the purposes of this regulation, a reference to an application for permission includes a reference to an application for a variation that is treated as an application for permission by virtue of section 55H(8) or 55I(9) of the 2000 Act.

Textual Amendments