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Part IVU.K. Permission to Carry on Regulated Activities

Modifications etc. (not altering text)

C1Pt. IV (ss. 40-55) extended (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 3-24; S.I. 2001/3538, art. 2(1)

Pt. IV (ss. 40-55) extended (with modifications) (1.12.2001) by S.I. 2001/2636, arts. 1(2)(b), 35(5)(a); S.I. 2001/3538, art. 2(1)

Pt. IV (ss. 40-50) excluded (1.12.2001) by S.I. 2001/3592, arts. 1(2), 107(2) (with art. 23(2))

Pt. IV (ss. 40-55) modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 121(3), 128(3)(a) (with art. 23(2))

Connected personsU.K.

49 Persons connected with an applicant.U.K.

(1)In considering—

(a)an application for a Part IV permission, or

(b)whether to vary or cancel a Part IV permission,

the Authority may have regard to any person appearing to it to be, or likely to be, in a relationship with the applicant or person given permission which is relevant.

(2)Before—

(a)giving permission in response to an application made by a person who is connected with an EEA firm [F1(other than an EEA firm falling within paragraph 5(e) of Schedule 3 (insurance and reinsurance intermediaries))], or

[F2(b)varying any permission given by the Authority to such a person, where the effect of the variation is to grant permission for the purposes of a single market directive other than the one for the purposes of which the existing permission was granted,]

the Authority must consult the firm’s home state regulator.

[F3(2A)But subsection (2) does not apply to the extent that the permission relates to—

(a)an insurance mediation activity (within the meaning given by paragraph 2(5) of Schedule 6); or

(b)a regulated activity involving a regulated mortgage contract [F4, a regulated home reversion plan [F5, a regulated home purchase plan or a regulated sale and rent back agreement]].]

(3)A person (“A”) is connected with an EEA firm if—

(a)A is a subsidiary undertaking of the firm; or

(b)A is a subsidiary undertaking of a parent undertaking of the firm.

[F6(4)In subsection (2A)(b) “regulated mortgage contract”, “regulated home reversion plan”, “regulated home purchase plan” and “regulated sale and rent back agreement” shall be construed in accordance with—

(a)section 22;

(b)any relevant order under that section; and

(c)Schedule 2.]

Textual Amendments

Modifications etc. (not altering text)