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

Compulsory variation of a licence where no determination to vary made before 1st April 2014

35.—(1) Paragraphs (2) to (4) apply if, before 1st April 2014—

(a) the OFT had given notice to a person (“A”) under section 31(2) of the 1974 Act (compulsory variation)(1) that it is minded to vary the terms of A’s licence,

(b) the OFT had not determined to vary A’s licence under that section, and

A is a relevant person.

(2) The notice is to be treated as a written notice given under section 55Y(4) of the Act by the FCA of a proposal to vary A’s Part 4A permission (except for subsections (5) and (6) of section 55Y which do not apply).

(3) The notice has effect subject to any necessary modifications.

(4) If the period for making representations under section 34 of the 1974 Act in connection with that notice had not expired before 1st April 2014, subsections (1) and (2) of that section continue to apply as if—

(a) in subsection (1), references to the OFT (apart from the first reference) were references to the FCA or, before 1st April 2014, the OFT;

(b) in subsection (2), the reference to the OFT was to the FCA.

(1)

Amended by Schedule 25 to the Enterprise Act 2002.