(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.
(1)An EEA firm ceases to qualify for authorisation under Part II of Schedule 3 if it ceases to be an EEA firm as a result of—
(a)having its EEA authorisation withdrawn; or
(b)ceasing to have an EEA right in circumstances in which EEA authorisation is not required.
(2)At the request of an EEA firm, [F1the appropriate regulator] may give a direction cancelling its authorisation under Part II of Schedule 3.
[F2(2A)In subsection (2) “the appropriate regulator” means—
(a)in the case of a PRA-authorised person, the PRA, and
(b)in any other case, the FCA.]
(3)If an EEA firm has a [F3Part 4A permission], it does not cease to be an authorised person merely because it ceases to qualify for authorisation under Part II of Schedule 3.
Textual Amendments
F1Words in s. 34(2) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 27(2) (with Sch. 20); S.I. 2013/423, art. 2
F2S. 34(2A) inserted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 27(3) (with Sch. 20); S.I. 2013/423, art. 2
F3Words in s. 34(3) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 27(4) (with Sch. 20); S.I. 2013/423, art. 2
Modifications etc. (not altering text)
C1S. 34(2) modified (1.12.2001) by S.I. 2001/2511, regs. 1(1), 8; S.I. 2001/3538, art. 2(1)
(1)A Treaty firm ceases to qualify for authorisation under Schedule 4 if its home State authorisation is withdrawn.
(2)At the request of a Treaty firm, [F4the appropriate regulator] may give a direction cancelling its Schedule 4 authorisation.
[F5(2A)In subsection (2) “the appropriate regulator” means—
(a)in the case of a PRA-authorised person, the PRA, and
(b)in any other case, the FCA.]
(3)If a Treaty firm has a [F6Part 4A permission], it does not cease to be an authorised person merely because it ceases to qualify for authorisation under Schedule 4.
Textual Amendments
F4Words in s. 35(2) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 28(2) (with Sch. 20); S.I. 2013/423, art. 2
F5S. 35(2A) inserted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 28(3) (with Sch. 20); S.I. 2013/423, art. 2
F6Words in s. 35(3) substituted (27.2.2013 for specified purposes) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 4 para. 28(4) (with Sch. 20); S.I. 2013/423, art. 2
(1)At the request of a person authorised as a result of paragraph 1(1) of Schedule 5, the Authority may give a direction cancelling his authorisation as such a person.
(2)If a person authorised as a result of paragraph 1(1) of Schedule 5 has a Part IV permission, he does not cease to be an authorised person merely because he ceases to be a person so authorised.