Please note that the date you requested in the address for this web page is not an actual date upon which a change occurred to this item of legislation. You are being shown the legislation from , which is the first date before then upon which a change was made.
(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.