(1)If a third country decision has been taken, the Treasury may make a determination in relation to an EFTA firm which is a subsidiary undertaking of a parent undertaking which is governed by the law of the country to which the decision relates.
(2)“Determination” means a determination that the firm concerned does not qualify for authorisation under Schedule 3 even if it satisfies the conditions in paragraph 13 or 14 of that Schedule.
(3)A determination may also be made in relation to any firm falling within a class specified in the determination.
(4)The Treasury may withdraw a determination at any time.
(5)But withdrawal does not affect anything done in accordance with the determination before it was withdrawn.
(6)If the Treasury make a determination in respect of a particular firm, or withdraw such a determination, they must give written notice to that firm.
(7)The Treasury must publish notice of any determination (or the withdrawal of any determination)—
(a)in such a way as they think most suitable for bringing the determination (or withdrawal) to the attention of those likely to be affected by it; and
(b)on, or as soon as practicable after, the date of the determination (or withdrawal).
(8)“EFTA firm” means a firm, institution or undertaking which—
(a)is an EEA firm as a result of paragraph 5(a), (b) or (d) of Schedule 3; and
(b)is incorporated in, or formed under the law of, an EEA State which is not a member State.
(9)“Third country decision” has the same meaning as in section 405.
Commencement Information
I1S. 408 wholly in force at 1.12.2001; s. 408 not in force at Royal Assent see s. 431(2); s. 408 in force for specified purposes at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 408 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)