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The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001

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Requirement to reapply for Part IV permission

63.—(1) At any time during the period of two years beginning with commencement, the Authority may give a direction under this article in relation to a class of persons—

(a)which is specified in the direction; and

(b)which is a class of persons who have a Part IV permission by virtue of this Order.

(2) A direction under this article is a direction that each person falling within the class specified in the direction must, before a date so specified, apply to the Authority under section 40 for a fresh permission to carry on the regulated activities which he wishes to carry on.

(3) Section 40(2) does not apply in relation to an application made in pursuance of the direction.

(4) If a person falling within the specified class fails to comply with the direction, his Part IV permission ceases to have effect on the date specified under paragraph (2).

(5) If a person complies with the direction but the application which he makes in pursuance of it is refused, his Part IV permission ceases to have effect when the application is decided.

(6) If a person complies with the direction and in response to his application the Authority gives him a Part IV permission, that permission has effect, from the time when the application is decided, in place of the Part IV permission which he had by virtue of this Order.

(7) For the purposes of this article, an application is decided when it has been determined and there is no possibility (or no further possibility) of the determination being reversed or varied on a reference to a tribunal or an appeal.

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