PART 5A

Designated activities
CHAPTER 2

PROVISIONS RELATING TO PARTICULAR DESIGNATED ACTIVITIES

Procedure relating to relevant Part 5A directions

Determination of application under section 71W
71X
1
This section applies in relation to an application under section 71W for the variation or revocation of a direction, and in this section the applicant is referred to as “
A
”.
2
If the FCA grants the application, it must give A written notice stating the date from which the variation or revocation has effect.
3
If the FCA proposes to refuse to revoke or vary the direction, it must give A written notice.
4
A notice under subsection (3) must—
a
state the FCA’s reasons for the refusal,
b
inform A that A may make representations to the FCA within such period as may be specified in the notice (whether or not A has referred the matter to the Tribunal), and
c
inform A of A’s right to refer the matter to the Tribunal.
5
The FCA may extend the period allowed for making representations.
6
If, having considered any representations made by A, the FCA decides to refuse to vary or revoke the direction, it must give A written notice.
7
A notice under subsection (6) must inform A of A’s right to refer the matter to the Tribunal.
8
If a notice informs A of A’s right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 8(2), 86(3); S.I. 2023/779, reg. 4(e)
Pt. 5A Ch. 2 inserted (14.1.2025) by The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 (S.I. 2025/22), reg. 1(2), Sch. para. 3
S. 71X applied (with modifications) (14.1.2025 for specified purposes) by The Short Selling Regulations 2025 (S.I. 2025/29), regs. 2(2)(3), 24, 25, Sch. 1 Pt. 1