Cessation following a determination by the FCA
This section has no associated Explanatory Memorandum
10.—(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.