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

Variation of licence at request of licensee where no determination made before 1st April 2014

33.—(1) Paragraphs (3) to (6) apply if, before 1st April 2014—

(a) the OFT received an application under section 30(1) of the 1974 Act (variation by request)(1) for a variation of a standard licence,

(b) the applicant (“A”) had not withdrawn the application,

(c) the OFT had not determined whether to vary the licence in accordance with the application, and

A is a relevant person.

(2) It is immaterial for the purposes of this article whether the OFT had, before 1st April 2014, given notice to A under section 30(4) of the 1974 Act (variation by request) that the OFT was minded to refuse A’s application.

(3) The application is to be treated as if it had been made to the appropriate regulator under section 55I or 55H of the Act (as the case may be).

(4) The application has effect subject to any necessary modifications.

(5) Section 55U(1) to (4) of the Act (applications under Part 4A) does not apply to A’s application.

(6) For the purposes of section 55V of the Act (determination of applications), the appropriate regulator is to be treated as having received the application on 1st April 2014.

(1)

Amended by Schedule 25 to the Enterprise Act 2002 and section 31 of the Consumer Credit Act 2006.