Part III Authorisation and Exemption

Authorisation

32 Partnerships and unincorporated associations.

1

If a firm is authorised—

a

it is authorised to carry on the regulated activities concerned in the name of the firm; and

b

its authorisation is not affected by any change in its membership.

2

If an authorised firm is dissolved, its authorisation continues to have effect in relation to any firm which succeeds to the business of the dissolved firm.

3

For the purposes of this section, a firm is to be regarded as succeeding to the business of another firm only if—

a

the members of the resulting firm are substantially the same as those of the former firm; and

b

succession is to the whole or substantially the whole of the business of the former firm.

4

“Firm” means—

a

a partnership; or

b

an unincorporated association of persons.

5

“Partnership” does not include a partnership which is constituted under the law of any place outside the United Kingdom and is a body corporate.