The Financial Services and Markets Act 2000 (Interim Permissions) Order 2001

Effect of overriding prohibition

10.—(1) Articles 6 and 8 do not apply to a Relevant Applicant who is subject, immediately before the relevant date, to an overriding prohibition.

(2) For the purposes of this article, a Relevant Applicant is subject to an “overriding prohibition” if—

(a)his authorisation has been suspended under section 28 or section 33 of the Financial Services Act;

(b)he is prohibited under section 65 of the Financial Services Act from entering into transactions which constitute investment business (within the meaning of that Act);

(c)immediately before commencement he was a member of a recognised self-regulating organisation for the purposes of section 7 of the Financial Services Act but was subject to a direction imposed by that organisation preventing him from carrying on investment business (within the meaning of that Act);

(d)he was prevented by a restriction under section 12 or a direction under section 19 of the Banking Act from accepting deposits;

(e)he had ceased to be authorised by virtue of a direction under section 11 or section 12A of the Insurance Companies Act to effect contracts of insurance (within the meaning of those sections);

(f)he was subject to a direction under section 40(1)(a) of the Friendly Societies Act withdrawing his authorisation to effect contracts of insurance (within the meaning of that section);

(g)he had been forbidden under section 51(1) of the Friendly Societies Act to accept any new members;

(h)he was subject to a condition imposed under section 42 of the Building Societies Act preventing him from issuing shares, accepting deposits or making advances or other loans;

(i)he was prohibited under regulation 9 or 15 of the 2BCD Regulations from accepting deposits in the United Kingdom or from carrying on home-regulated investment business in the United Kingdom (within the meaning of those Regulations);

(j)he was restricted under regulation 10 of the 2BCD Regulations from carrying on in the United Kingdom any home regulated activity (within the meaning of that regulation);

(k)he was prohibited under regulation 9 of the ISD Regulations from providing in the United Kingdom any listed services (within the meaning of that regulation).

(3) Articles 6 and 8 do not apply to a Relevant Applicant who is subject, immediately before the relevant date, to a requirement which—

(a)is imposed (or is treated, by virtue of the Authorised Persons Order, as having been imposed) on him under section 43; and

(b)prohibits him from carrying on the newly regulated activity or overseas regulated activity to which his application relates.