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2. After paragraph (2) in regulation 6 (deemed service) of the Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001(1), insert—
(a)a notice given under section 53(4) (exercise of own-initiative power: procedure) of the Act states that a variation of an authorised person’s Part IV permission takes effect immediately,
(b)a notice given under section 78(2) (discontinuance or suspension: procedure) of the Act states that a discontinuance or suspension of the listing of any securities takes effect immediately, or
(c)a notice given under section 259(3) (procedure on giving directions under section 257 and varying them on Authority’s own initiative) of the Act, or under regulation 27 (procedure on giving directions under regulation 25 and varying them on Authority’s own initiative) of the Open-Ended Investment Companies Regulations 2001(2) states that a direction to which it relates takes effect immediately,
that notice is to be treated as having been received at the time it is in fact received if that is earlier than the day on which paragraph (1) would otherwise require it to be treated as having been received.”.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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