Textual Amendments
F1Sch. 6A inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 11 para. 3; S.I. 2021/739, reg. 3(p)
6(1)Where the FCA—U.K.
(a)varies or cancels an authorised person's Part 4A permission under paragraph 1, but
(b)that decision is subsequently annulled under paragraph 5,
the variation or cancellation is treated as if it had not taken place, subject as follows.
(2)The FCA does not become subject to any statutory obligation by virtue of sub-paragraph (1).
(3)Where, by virtue of sub-paragraph (1)—
(a)a person becomes subject to a statutory obligation, and
(b)the FCA has functions in relation to the obligation,
the FCA may, in exercising those functions, treat the person as if the person had not become subject to the obligation.
(4)If the FCA treats a person as not having become subject to an obligation, it must notify the person of that fact in such manner as it considers appropriate.
(5)In a case where paragraph 5(4)(a) applies—
(a)the permission is treated as if it had been varied in accordance with the FCA's own-initiative variation power, and
(b)that variation is treated as if it took effect on the date on which the annulment took effect.
(6)In a case where paragraph 5(4)(b) applies—
(a)the approval is treated as if it had been withdrawn in accordance with section 63 or varied in accordance with section 63ZB (as the case may be), and
(b)that withdrawal or variation is treated as if it took effect on the date on which the annulment took effect.
(7)In this paragraph “statutory obligation” means any obligation arising under or by virtue of this Act or any other enactment.
(8)In sub-paragraph (7) “enactment” includes—
(a)the enactments listed in section 3T, and
(b)any [F2assimilated direct] legislation.]
Textual Amendments
F2Words in Sch. 6A para. 6(8)(b) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 44(4)(x)