The Financial Services and Markets Act 2000 (Scope of Permission Notices) Order 2001

• Citation: S.I. 2001/3771
• Sections: 5

Section 1 Citation, commencement and interpretation

(1) This Order may be cited as the Financial Services and Markets Act 2000 (Scope of Permission Notices) Order 2001 and comes into force on 1st December 2001.

(2) In this Order—

“ the Act ” means the Financial Services and Markets Act 2000;

“the Authorised Persons Order ” means the Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001 ;

“commencement” means the beginning of 1st December 2001;

“the Regulated Activities Order ” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 .

Section 2 Revision of scope of permission notices

(1) This article applies where—

(a) the Authority has given, before commencement, a scope of permission notice under article 55 of the Authorised Persons Order;

(b) that notice falls within one of the cases specified in article 3;

(c) the recipient of the notice has, before commencement, notified the Authority in accordance with article 56(1)(a) of the Authorised Persons Order that he agrees with the matters stated in the notice;

(d) the Authority has, before commencement, given that recipient a notice (“the revision notice”) revising the scope of permission notice in a permitted manner.

(2) If the recipient of the scope of permission notice does not, on or before 4 January 2002, notify the Authority that he objects to the revision notice, then article 57(1) of the Authorised Persons Order applies as if—

(a) the reference to the scope of permission notice in that article were to the scope of permission notice as revised by the revision notice; and

(b) the person has agreed to that notice as so revised.

(3) If the recipient of the scope of permission notice notifies the Authority on or before 4 January 2002 that he objects to the revision notice, then article 57(1) of the Authorised Persons Order applies as if the revision notice had not been sent.

Section 3 Cases in which scope of permission notices may be revised

The cases specified in this article are as follows:

Section 4 Permitted revisions

For the purposes of article 2(1)(d), a revision notice revises the scope of permission notice in a permitted manner if—

(a) in Case 1 in article 3, it results in the scope of permission notice specifying that the recipient has a Part IV permission to carry on the regulated activities described in paragraph (b) of that Case;

(b) in Case 2 in article 3, it results in the scope of permission notice specifying that the recipient has a Part IV permission to carry on the regulated activity described in paragraph (c) of that Case;

(c) in Case 3 in article 3, it results in the scope of permission notice specifying that his Part IV permission to carry on a particular regulated activity in relation to rights to or interests in investments is limited to rights to or interests in investment B (as defined in that Case);

(d) in Case 4 in article 3, it results either in the lifting of the requirement that the recipient should not control client money or in the lifting of the requirement that he should not hold or control client money;

(e) in Case 5 in article 3, it results in the removal of the limitation described in paragraph (c) of that Case;

(f) in Case 6 in article 3, it results in the removal of the limitation described in paragraph (c) of that Case;

(g) in any Case in article 3, it results in the scope of permission notice specifying that the recipient has a Part IV permission to carry on a regulated activity of the kind specified by article 64 of the Regulated Activities Order (agreeing to carry on specified kinds of activity) to the extent appropriate having regard to paragraphs (a) to (f) above.

Section 5 Amendment of earlier provisions

(1) The Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2001 is amended as follows.

(2) In article 29 for paragraphs (2) and (3) substitute—

(2) Where this article applies if the person does not, on or before 4 January 2002, notify the Authority that he objects to the revision notice, then article 57(1) of the Authorised Persons Order applies as if—

(a) the reference to the scope of permission notice in that article were to the scope of permission notice as revised by the revision notice; and

(b) the person had agreed to that notice as so revised.

(3) If the person notifies the Authority on or before 4 January 2002 that he objects to the revision notice, then article 57(1) of the Authorised Persons Order applies as if the revision notice had not been sent.

(3) In article 30 for paragraphs (2) and (3) substitute—

(2) Where this article applies if the person does not, on or before 4 January 2002, notify the Authority that he objects to the revision notice, then article 57(1) of the Authorised Persons Order applies as if—

(a) the reference to the scope of permission notice in that article were to the scope of permission notice as revised by the revision notice; and

(b) the person had agreed to that notice as so revised.

(3) If the person notifies the Authority on or before 4 January 2002 that he objects to the revision notice, then article 57(1) of the Authorised Persons Order applies as if the revision notice had not been sent