PART 4A

Permission to carry on regulated activities

Application for permission

Giving permission: special cases
55G
1
“
The applicant
” means an applicant for permission under section 55A.
2
If the applicant—
a
in relation to a particular regulated activity, is exempt from the general prohibition as a result of section 39(1) or an order made under section 38(1), but
b
has applied for permission in relation to another regulated activity,
the application is to be treated as relating to all the regulated activities which, if permission is given, the applicant will carry on.
3
If the applicant—
a
in relation to a particular regulated activity, is exempt from the general prohibition as a result of
... section 285
, but
b
has applied for permission in relation to another regulated activity,
the application is to be treated as relating only to that other regulated activity.
4
If the applicant—
a
is a person to whom, in relation to a particular regulated activity, the general prohibition does not apply as a result of Part 19, but
b
has applied for permission in relation to another regulated activity,
the application is to be treated as relating only to that other regulated activity.
5
Subsection (6) applies where either regulator (“the responsible regulator”) receives an application for permission under section 55A which is in the regulator's opinion similar to an application which was previously made to the other regulator and was either—
a
treated by the other regulator as not being a valid application to that regulator because of the regulated activities to which it related, or
b
refused by the other regulator after being considered.
6
The responsible regulator must have regard to the desirability of minimising—
a
the additional work for the applicant in dealing with the new application, and
b
the time taken to deal with the new application.
Pt. 4A excluded by S.I. 1998/1870, reg. 14(2)(c) (as substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 22(5)(b))
Pt. 4A modified (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 31(6)
Words in s. 55G(3)(a) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(2) (with regs. 52-58)
Words in s. 55G(3)(a) omitted (28.11.2017) by virtue of The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(3) (with regs. 7(4), 9(1))
Pt. 4A substituted for ss. 40-55 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 11(2), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.
Pt. 4A modified by S.I. 2018/1149, reg. 43 (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 2)
Pt. 4A modified (7.11.2018) by The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), regs. 1(2), 5-7 (with regs. 4, 8-19) (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2))