Financial Services and Markets Act 2000

PermissionE+W+S+N.I.

4(1)On qualifying for authorisation under this Schedule, a Treaty firm has permission to carry on each permitted activity through its United Kingdom branch or by providing services in the United Kingdom.E+W+S+N.I.

(2)The permission is to be treated as being on terms equivalent to those to which the firm’s home state authorisation is subject.

(3)If, on qualifying for authorisation under this Schedule, a firm has a Part IV permission which includes permission to carry on a permitted activity, the Authority must give a direction cancelling the permission so far as it relates to that activity.

(4)The Authority need not give a direction under sub-paragraph (3) if it considers that there are good reasons for not doing so.