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The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013

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This is the original version (as it was originally made).

Variation of licence at request of licensee where determination has been made but appeal period has not ended

This section has no associated Explanatory Memorandum

34.—(1) Paragraphs (2) to (4) apply if, before 1st April 2014—

(a)the OFT had given notice to a person (“A”) of its decision to refuse to vary a standard licence in accordance with an application made by A,

(b)the appeal period in relation to that determination had not ended, and

A is a relevant person.

(2) The notice is to be treated as a decision notice under section 55X(4) of the Act of the decision of the appropriate regulator to refuse A’s application to vary A’s Part 4A permission.

(3) But if A had, before 1st April 2014, submitted a notice of appeal to the First-tier Tribunal under section 41 of the 1974 Act (appeals to First-tier Tribunal under Part 3), section 55Z3 of the Act (right to refer matters to the Tribunal) does not apply.

(4) The notice has effect subject to any necessary modifications.

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