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Financial Services and Markets Act 2000

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This is the original version (as it was originally enacted).

405Directions

This sectionnoteType=Explanatory Notes has no associated

(1)For the purpose of implementing a third country decision, the Treasury may direct the Authority to—

(a)refuse an application for permission under Part IV made by a body incorporated in, or formed under the law of, any part of the United Kingdom;

(b)defer its decision on such an application either indefinitely or for such period as may be specified in the direction;

(c)give a notice of objection to a person who has served a notice of control to the effect that he proposes to acquire a 50% stake in a UK authorised person; or

(d)give a notice of objection to a person who has acquired a 50% stake in a UK authorised person without having served the required notice of control.

(2)A direction may also be given in relation to—

(a)any person falling within a class specified in the direction;

(b)future applications, notices of control or acquisitions.

(3)The Treasury may revoke a direction at any time.

(4)But revocation does not affect anything done in accordance with the direction before it was revoked.

(5)“Third country decision” means a decision of the Council or the Commission under—

(a)Article 7(5) of the investment services directive;

(b)Article 9(4) of the second banking co-ordination directive;

(c)Article 29b(4) of the first non-life insurance directive; or

(d)Article 32b(4) of the first life insurance directive.

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