Financial Services and Markets Bill - continued        House of Commons

back to previous text
Authorised persons.     28. - (1) The following persons are authorised for the purposes of this Act-
    (a) a person who has a Part IV permission to carry on one or more regulated activities;
    (b) an EEA firm qualifying for authorisation under Schedule 3;
    (c) a Treaty firm qualifying for authorisation under Schedule 4;
    (d) a person who is otherwise authorised by a provision of, or made under, this Act.
      (2) In this Act "authorised person" means a person who is authorised for the purposes of this Act.
Partnerships and unincorporated associations.     29. - (1) If a firm is authorised-
    (a) it is authorised to carry on the regulated activities concerned in the name of the firm; and
    (b) its authorisation is not affected by any change in its membership.
      (2) If an authorised firm is dissolved, its authorisation continues to have effect in relation to any firm which succeeds to the business of the dissolved firm.
      (3) For the purposes of this section, a firm is to be regarded as succeeding to the business of another firm only if-
    (a) the members of the resulting firm are substantially the same as those of the former firm; and
    (b) succession is to the whole or substantially the whole of the business of the former firm.
      (4) "Firm" means-
    (a) a partnership; or
    (b) an unincorporated association of persons.
      (5) "Partnership" does not include a partnership-
    (a) which is constituted under the law of Scotland; or
    (b) which is constituted under the law of any place outside the United Kingdom and is a body corporate.
Ending of authorisation
Withdrawal of authorisation by the Authority.     30. - (1) This section applies if-
    (a) an authorised person's Part IV permission is cancelled; and
    (b) as a result, there is no regulated activity for which he has permission.
      (2) The Authority must give a direction withdrawing that person's status as an authorised person unless it considers that there are good reasons for not doing so.
previous section contents continue
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries

© Parliamentary copyright 1999
Prepared 14 December 1999