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| EEA firms. |
31. - (1) An EEA firm ceases to qualify for authorisation under Schedule 3 if it ceases to be an EEA firm as a result of-
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(a) having its EEA authorisation withdrawn; or |
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(b) ceasing to have an EEA right in circumstances in which EEA authorisation is not required. |
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(2) At the request of an EEA firm, the Authority may give a direction cancelling its Schedule 3 authorisation.
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(3) If an EEA firm has a Part IV permission, it does not cease to be an authorised person merely because it ceases to qualify for authorisation under Schedule 3.
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| Treaty firms. |
32. - (1) A Treaty firm ceases to qualify for authorisation under Schedule 4 if its home State authorisation is withdrawn.
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(2) At the request of a Treaty firm, the Authority may give a direction cancelling its Schedule 4 authorisation.
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(3) If a Treaty firm has a Part IV permission, it does not cease to be an authorised person merely because it ceases to qualify for authorisation under Schedule 4.
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| Part XVI qualifiers. |
33. - (1) At the request of a Part XVI qualifier, the Authority may give a direction cancelling its authorisation as a Part XVI qualifier.
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(2) If a Part XVI qualifier has a Part IV permission, it does not cease to be an authorised person merely because it ceases to qualify for authorisation as a Part XVI qualifier.
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Exemption |
| Exemption orders. |
34. - (1) The Treasury may by order ("an exemption order") provide for-
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(a) specified persons, or |
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(b) persons falling within a specified class, |
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to be exempt persons for the purposes of section 17.
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(2) But a person cannot be an exempt person for those purposes if he is an authorised person.
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(3) An exemption order may provide for an exemption to have effect-
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(a) in respect of all regulated activities; |
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(b) in respect of one or more specified regulated activities; |
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(c) only in specified circumstances; |
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(d) only in relation to specified functions; |
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(e) subject to conditions. |
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(4) "Specified" means specified by the exemption order.
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| Exemption of appointed representatives. |
35. - (1) If a person-
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(a) is a party to a contract with an authorised person ("his principal") which- |
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(i) permits or requires him to carry on business of a prescribed description, and
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(ii) complies with such requirements as may be prescribed, and
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(b) is someone for whose activities in carrying on the whole or part of that business his principal has accepted responsibility in writing, |
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he is an exempt person in relation to any regulated activity comprised in the carrying on of that business for which his principal has accepted responsibility.
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(2) A person who is exempt as a result of subsection (1) is referred to in this Act as an appointed representative.
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(3) The principal of an appointed representative is responsible, to the same extent as if he had expressly permitted it, for anything done or omitted by the representative in carrying on the business for which he has accepted responsibility.
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(4) In determining whether an authorised person has complied with a provision contained in or made under this Act, anything which a relevant person has done or omitted as respects business for which the authorised person has accepted responsibility is to be treated as having been done or omitted by the authorised person.
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(5) "Relevant person" means a person who at the material time is or was an appointed representative by virtue of being a party to a contract with the authorised person.
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(6) Nothing in subsection (4) is to cause the knowledge or intentions of an appointed representative to be attributed to his principal for the purpose of determining whether the principal has committed an offence, unless in all the circumstances it is reasonable for them to be attributed to him.
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