[F11098FCeasing to be an authorised corporate service providerU.K.
(1)A person ceases to be an authorised corporate service provider if the person ceases to be a relevant person as defined by regulation 8(1) of the Money Laundering Regulations.
(2)The Secretary of State may by regulations—
(a)provide for other circumstances in which a person ceases to be an authorised corporate service provider, whether automatically or as a result of a decision taken by the registrar;
(b)provide for circumstances in which the registrar may suspend a person’s status as an authorised corporate service provider pending a decision by the registrar under regulations made by virtue of paragraph (a).
(3)The provision that can be made under subsection (2) includes provision as to—
(a)procedure;
(b)the period of a suspension;
(c)the revocation of a suspension.
(4)The provision that can be made in regulations under subsection (2) includes provision conferring a discretion on the registrar.
(5)Regulations under subsection (2) are subject to affirmative resolution procedure.
(6)In this section “Money Laundering Regulations” has the meaning given by section 1098B(8).]
Textual Amendments
F1Ss. 1098A-1098H and cross-heading inserted (26.10.2023 but only so far as it confers a power to make regulations or relates to the exercise of the power, otherwise prosp.) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 66(4), 219(1)(2)(b)