PART 3Transitional provisions
CHAPTER 5Temporary Permission
Application of the 2000 Act to persons with a temporary permission83
1
In this article a reference to a numbered section is a reference to the section so numbered in the 2000 Act.
2
This article applies in relation to a person (“A”) who has a temporary permission to carry on an activity referred to in article 80(4) (“temporary permission”).
3
A’s temporary permission does not have effect as a Part 4A permission for the purposes of—
a
section 38(2) (exemption orders);
b
section 39(1C)(a) (exemption of appointed representatives);
c
section 55A(3) (application for permission).
4
For the purposes of section 327(7) and (9)116 (exemption from the general prohibition), A is not to be treated as carrying on a regulated claims management activity where A carries on that activity pursuant to A’s temporary permission.
5
For the purposes of section 21(2) (restrictions on financial promotion), if A does not have permission other than a temporary permission, A may only approve the content of a communication if the communication invites or induces a person to enter into (or offer to enter into) an agreement in respect of a regulated activity for which A has temporary permission.
6
For the purposes of section 39 (exemption of appointed representatives), A may be an appointed representative in relation to an activity which A does not have temporary permission to carry on.
7
Where A applies to the FCA—
a
under section 55A for permission to carry on a regulated activity which is not a regulated claims management activity; or
b
under section 55H to vary A’s Part 4A permission by adding to the activities to which the permission relates a regulated activity which is not a regulated claims management activity,
the application may be treated by the FCA as relating also to some or all of the regulated activities for which A has temporary permission.
8
If the FCA treats the application as relating to some or all of the regulated activities for which A has temporary permission, article 82(10) does not apply in relation to the application.
9
The duty imposed by section 55B(3) (satisfaction of threshold conditions) does not apply where the FCA exercises its power in relation to A under—
a
section 55J117 (variation or cancellation on initiative of regulator);
b
section 55H (variation by FCA at request of authorised person) to remove a regulated activity from those for which A has temporary permission;
c
section 55L (imposition of requirements by FCA).
10
Where, immediately before 1st April 2019, A is not a 2000 Act authorised person, A is not to be treated, by virtue of article 80(5), as a 2000 Act authorised person for the purposes of Part 12 of the 2000 Act (control over authorised persons).
11
For the purposes of the compensation scheme established under section 213, a claim made against A in connection with any activity which A’s temporary permission permits A to carry on is to be treated as if it were not made in connection with regulated activities carried on by A.
12
The activity which A’s temporary permission permits A to carry on is to be treated as if it were not a regulated activity for the purposes of—
a
construing the reference to the only regulated activities that a person carries on, or seeks to carry on, which is contained in paragraphs 2C(1A), 2D(3A) and 2F(3) of Schedule 6 to the 2000 Act (threshold conditions: Part 4A permission: authorised persons who are not PRA-authorised persons); and
b
article 6A(1)(b) of the Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009118.