[Part 10 Transition on Cancellation of UK or Gibraltar Permission]
Financial Services and Markets Act 2000 (2000 c 8) | Legislation

[Part 10 Transition on Cancellation of UK or Gibraltar Permission]

[Transition on cancellation of Schedule 2A permission

64

(1)     Sub-paragraphs (2), (4) and (5) apply where—

(a)     a person's Schedule 2A permission is cancelled under Part 5 of this Schedule, or

(b)     a person's Schedule 2A permission is varied under Part 4 of this Schedule so as to remove permission to carry on an activity (including by adding or varying a limitation).

(2)     The person is to be treated as continuing to have the Schedule 2A permission, or the permission to carry on the activity, but—

(a)     only so far as is necessary for one or more of the purposes described in sub-paragraph (3), and

(b)     subject to the time limit in paragraph 68.

(3)     The purposes are—

(a)     for the performance of a protected contract;

(b)     to reduce the financial risk of a party to a protected contract or a third party affected by the performance of a protected contract;

(c)     to transfer the property, rights or liabilities under a protected contract to a person authorised to carry on a regulated activity by virtue of section 31(1)(a);

(d)     to comply with a requirement imposed

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Malus and clawback

Malus and clawbackFORTHCOMING CHANGE: On 18 March 2021, it was announced that the government was launching a consultation on wide-ranging reforms to modernise the country’s audit and corporate governance regime, targeting the UK’s biggest businesses and ensuring markets work effectively. In relation

LEXISNEXIS

Specific performance of property agreements

If a party to a property agreement fails to comply with its obligations, the other party may wish to apply for an order for specific performance. Specific performance is an equitable, discretionary remedy which, if granted, compels a party to perform a contractual obligation. This Practice Note

LEXISNEXIS

Recklessness in criminal cases

Recklessness in criminal casesWhat is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House

LEXISNEXIS

Medco

MedcoSTOP PRESS: A new RTA small claims protocol for whiplash claims comes into effect for accidents occurring on or after 31 May 2021. The small claims track limit for personal injury claims arising from an RTA is increased to £5000 in respect of general damages for pain, suffering and loss of