F1PART 4APermission to carry on regulated activities

Variation and cancellation of Part 4A permission

55KInvestment firms: particular conditions that enable cancellation

(1)

The conditions referred to in section 55J(6) are as follows—

(a)

that the firm has failed, during a period of at least 6 months, to carry on a regulated activity which is an investment service or activity for which it has a Part 4A permission;

(b)

that the firm obtained the Part 4A permission by making a false statement or by other irregular means;

(c)

that the firm no longer satisfies the requirements for authorisation F2... in relation to a regulated activity which is an investment service or activity for which it has a Part 4A permission;

(d)

that the firm has seriously and systematically infringed F3any F4assimilated direct legislation, or any provision made by or under this Act, which sets the operating conditions in relation to a regulated activity which is an investment service or activity for which it has a Part 4A permission;

F5(e)

that the firm has seriously or systematically infringed the markets in financial instruments regulation.

(2)

For the purposes of this section a regulated activity is an investment service or activity if it falls within the definition of “investment services and activities” in section 417(1).