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

Interim permission

6.—(1) Subject to article 10, if—

(a) the Relevant Applicant notifies the Authority before 31 October 2001 that he wishes to have a Part IV permission by virtue of this article; and

(b) his application has not been withdrawn or decided before the relevant date,

he is to be treated as having, at the relevant date, a Part IV permission to carry on any newly regulated activity or overseas regulated activity covered by his application.

(2) For the purposes of paragraph (1)(b), an application has been decided if—

(a) the Authority has given permission to the Relevant Applicant to carry on the activity without exercising its powers under section 42(7)(a) or (b) or section 43(1) and the grant of permission under section 42(2) takes effect from the relevant date;

(b) in a case where the Relevant Applicant refers the determination of his application to the Tribunal under section 55 then if the reference has been determined in respect of that activity;

(c) the Authority has refused permission, or given permission but exercised its power under section 42(7)(a) or (b) or section 43(1) in respect of the carrying on of the activity and the time for referring the matter to the Tribunal has expired before the relevant date without the Relevant Applicant making such a reference.