http://www.legislation.gov.uk/uksi/2002/704/article/7/madeThe Financial Services and Markets Act 2000 (Permission and Applications) (Credit Unions etc.) Order 2002Credit unionsKing's Printer of Acts of Parliament2014-10-07FINANCIAL SERVICES AND MARKETS This Order sets out the transitional provisions relating to the expiry, on 2nd July 2002, of the transitional exemption of credit unions from the general prohibition imposed by section 19 of the Financial Services and Markets Act 2000 (“the Act”) (see article 6 of the Financial Services and Markets Act 2000 (Exemption) Order 2001 (S.I. 2001/1201)). Article 2 provides that all unauthorised credit unions are to be treated, at 2nd July 2002 (“commencement”), as having permission to accept deposits by way of subscription for their shares. Article 3 enables the Authority to require credit unions of a specified description to reapply for permission. If a credit union which falls within a specified description fails to reapply for permission by the date specified in the direction, its permission ceases to have effect. The Authority may impose such a requirement before commencement but the requirement does not have the effect until commencement. Article 4 sets out procedural provisions that relate to the requirement to reapply for permission. 7 1 The following provisions apply until commencement. 2 In sections 44, 45 (but not subsection (1)(b)), 46, 47, 48, 49, 50, 51(2), 52, 53, 54 and 55 (variation of Part IV permissions etc.), sections 56 and 60 (performance of regulated activities) and section 148 (modification or waiver of rules)— a the references to an authorised person are to be read as including a reference to an unauthorised credit union; and b the references to Part IV permissions are to be read as including a reference to the Part IV permission which an authorised credit union will be treated as having at commencement by virtue of article 2. 3 Nothing done under the Act by virtue of paragraph (2) (including the determination of any application) may come into force or have any effect before commencement.