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PART IV |
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PERMISSION TO CARRY ON REGULATED ACTIVITIES |
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Application for permission |
| Application for permission. |
36. - (1) An application for permission to carry on one or more regulated activities may be made to the Authority by-
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(d) an unincorporated association. |
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(2) An authorised person may apply for permission under this section if he does not have a permission-
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(a) given to him by the Authority under this Part, or |
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(b) having effect as if so given, |
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which is in force.
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(3) A permission given by the Authority under this Part or having effect as if so given is referred to in this Act as "a Part IV permission".
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Permission |
| Giving permission. |
37. - (1) "The applicant" means an applicant for permission under section 36.
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(2) The Authority may give permission for the applicant to carry on the regulated activity or activities to which his application relates or such of them as may be specified in the permission.
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(3) The Authority may give permission only in such terms as are, in its opinion, appropriate for the purpose of ensuring that the qualifying conditions set out in Schedule 6 will be satisfied, and continue to be satisfied, in relation to all of the regulated activities for which permission is being given.
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(4) If it gives permission, the Authority must specify the permitted regulated activity or activities, described in such manner as the Authority considers appropriate.
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(5) The Authority may-
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(a) incorporate in the description of a regulated activity such limitations (for example as to circumstances in which the activity may, or may not, be carried on) as it considers appropriate; |
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(b) specify a narrower or wider description of regulated activity than that to which the application relates; |
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(c) give permission for the carrying on of a regulated activity which is not included among those to which the application relates. |
| Imposition of requirements. |
38. - (1) A Part IV permission may include a condition that it is to continue to have effect only so long as the person to whom it applies complies with such requirements as may be specified in the permission.
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(2) In imposing a requirement, the Authority must have as its main purpose ensuring that the qualifying conditions continue to be satisfied in relation to the regulated activities for which the Authority is giving permission.
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(3) A requirement may, in particular, be imposed-
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(a) so as to require the person concerned to take specified action; or |
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(b) so as to require him to refrain from taking specified action. |
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(4) A requirement may extend to activities which are not regulated activities.
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(5) A requirement expires at the end of such period as the Authority may specify in the permission.
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(6) But subsection (5) does not affect the Authority's powers under section 39 or 40.
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Variation and cancellation of Part IV permission |
| Variation etc at request of authorised person. |
39. - (1) The Authority may, on the application of an authorised person with a Part IV permission, vary the permission by-
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(a) adding a regulated activity to those for which it gives permission; |
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(b) removing a regulated activity from those for which it gives permission; |
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(c) varying the description of a regulated activity for which it gives permission; |
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(d) cancelling a requirement imposed under section 38; or |
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(e) varying such a requirement. |
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(2) The Authority may exercise its powers under subsection (1) only if it is satisfied that the qualifying conditions will be satisfied in relation to all of the regulated activities for which the authorised person will then have a Part IV permission.
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(3) The Authority may, on the application of an authorised person with a Part IV permission, cancel the permission.
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(4) The Authority may refuse an application under this section if it appears to it-
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(a) that the interests of consumers, or of a group of consumers, would be adversely affected if the application were to be granted; and |
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(b) that it is desirable in the interests of consumers, or of that group of consumers, for the application to be refused. |
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(5) The Authority's power to vary a Part IV permission extends to including any provision in the permission as varied that could be included if a fresh permission were being given in response to an application under section 36.
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| Variation etc on the Authority's own initiative. |
40. - (1) The Authority may vary or cancel a Part IV permission in any of the following cases:
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Case A |
| | Where it appears to the Authority that one or more of the qualifying conditions is no longer satisfied in relation to one or more, or all, of the regulated activities for which the authorised person concerned has a Part IV permission.
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Case B |
| | Where it appears to the Authority that the authorised person concerned-
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(a) has contravened, or is likely to contravene, a requirement imposed on him by or under this Act; |
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(b) has, in purported compliance with a requirement imposed on him by or under this Act, knowingly or recklessly given the Authority information which is false in a material particular; or |
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(c) has failed, during a period of at least twelve months, to carry on a regulated activity to which the permission relates. |
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Case C |
| | Where it appears to the Authority that it is desirable to vary or cancel the permission in order to protect the interests of consumers or potential consumers in relation to a regulated activity to which the permission relates.
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Case D |
| | Where the permission is to carry on an activity which constitutes deposit-taking or which is listed in the annex to the investment services directive and the Director General of Fair Trading has informed the Authority that-
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(a) the authorised person concerned, |
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(b) any of the authorised person's employees, agents or associates (whether past or present), or |
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(c) if the authorised person is a body corporate, a controller of the authorised person or an associate of such a controller, |
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has done any of the things specified in paragraphs (a) to (d) of section 25(2) of the Consumer Credit Act 1974.
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(2) The Authority may vary a Part IV permission only if it is satisfied that the qualifying conditions will be satisfied with respect to all of the regulated activities for which the authorised person will then have a Part IV permission.
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(3) In Case D, the Authority may exercise its powers under this section in respect of an EEA firm only if the exercise of the power does not affect (except incidentally) the carrying on in the United Kingdom of an activity for which the firm has permission under Schedule 3.
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(4) The Authority's power to vary a Part IV permission under this section extends to including any provision in the permission as varied that could be included if a fresh Part IV permission were being given in response to an application under section 36.
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(5) For the purposes of Case D-
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"associate" has the same meaning as in section 25(2) of the Consumer Credit Act 1974; and |
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"controller" has the meaning given by section 189(1) of that Act. |
