PART 2Transitional and saving provisions concerning the SFT Regulation

CHAPTER 2Temporary registration

Cessation following a determination by the FCA10

1

The FCA may determine that regulation 6 should cease to apply to a person—

a

where, in respect of an advance application—

i

the application does not comply with any applicable direction made by the FCA under regulation 2(2)(a) or (b); and

ii

the steps referred to in regulation 3(b)(ii) have not been taken within the time specified;

b

following a decision refusing registration in accordance with regulation 4(3); or

c

at the request of the person to whom regulation 6 applies.

2

The FCA must notify the person in respect of whom the determination is made of the day on which regulation 6 will cease to apply.

3

Paragraph (1) is subject to Article 10 (withdrawal of registration) of the SFT Regulation.