http://www.legislation.gov.uk/ukpga/2000/8/section/407/2002-08-21Financial Services and Markets Act 2000An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.2000-06-15texttext/xmlenStatute Law Database2026-04-072002-07-18 Part XXVIII Miscellaneous Third countries Consequences of a direction under section 405.4071If the Authority refuses an application for permission as a result of a direction under section 405(1)(a)—asubsections (7) to (9) of section 52 do not apply in relation to the refusal; butbthe Authority must notify the applicant of the refusal and the reasons for it.2If the Authority defers its decision on an application for permission as a result of a direction under section 405(1)(b)—athe time limit for determining the application mentioned in section 52(1) or (2) stops running on the day of the deferral and starts running again (if at all) on the day the period specified in the direction (if any) ends or the day the direction is revoked; andbthe Authority must notify the applicant of the deferral and the reasons for it.3If the Authority gives a notice of objection to a person as a result of a direction under section 405(1)(c) or (d)—asections 189 and 191 have effect as if the notice was a notice of objection within the meaning of Part XII; andbthe Authority must state in the notice the reasons for it.S. 407 wholly in force at 1.12.2001; s. 407 not in force at Royal Assent see s. 431(2); s. 407(1)(2) in force at 3.9.2001 by S.I. 2001/2632, art. 2(2), Sch. Pt. 2; s. 407 in force in so far as not already in force at 1.12.2001 by S.I. 2001/3538, art. 2(1)