Financial Services and Markets Bill - continued        House of Lords

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  PART III
  AUTHORISATION AND EXEMPTION
 
Authorisation
Authorised persons.     29. - (1) The following persons are authorised for the purposes of this Act-
 
 
    (a) a person who has a Part IV permission to carry on one or more regulated activities;
 
    (b) an EEA firm qualifying for authorisation under Schedule 3;
 
    (c) a Treaty firm qualifying for authorisation under Schedule 4;
 
    (d) a person who is otherwise authorised by a provision of, or made under, this Act.
      (2) In this Act "authorised person" means a person who is authorised for the purposes of this Act.
 
Partnerships and unincorporated associations.     30. - (1) If a firm is authorised-
 
 
    (a) it is authorised to carry on the regulated activities concerned in the name of the firm; and
 
    (b) its authorisation is not affected by any change in its membership.
      (2) If an authorised firm is dissolved, its authorisation continues to have effect in relation to any firm which succeeds to the business of the dissolved firm.
 
      (3) For the purposes of this section, a firm is to be regarded as succeeding to the business of another firm only if-
 
 
    (a) the members of the resulting firm are substantially the same as those of the former firm; and
 
    (b) succession is to the whole or substantially the whole of the business of the former firm.
      (4) "Firm" means-
 
 
    (a) a partnership; or
 
    (b) an unincorporated association of persons.
      (5) "Partnership" does not include a partnership which is constituted under the law of any place outside the United Kingdom and is a body corporate.
 
 
Ending of authorisation
Withdrawal of authorisation by the Authority.     31. - (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.
 
EEA firms.     32. - (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    (a) having its EEA authorisation withdrawn; or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, the Authority may give a direction cancelling its authorisation under Part II of Schedule 3.
 
      (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 Part II of Schedule 3.
 
Treaty firms.     33. - (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, the Authority may give a direction cancelling its Schedule 4 authorisation.
 
      (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.
 
Persons authorised as a result of paragraph 1(1) of Schedule 5.     34. - (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 its 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, it does not cease to be an authorised person merely because it ceases to be a person so authorised.
 
 
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Prepared 31 March 2000