Part IVPermission to Carry on Regulated Activities

Connected persons

49Persons connected with an applicant

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, or

b

cancelling or varying any permission given by the Authority to such a person,

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

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.