Section 39A
This section applies to an authorised person whose relevant office is in the United Kingdom if— he is a party to a contract with a person (other than an authorised person) who is established in the United Kingdom; and the contract is a relevant contract. A contract is a “relevant contract” if it satisfies conditions A to C. Condition A is that the contract permits or requires the person mentioned in subsection (1)(a) (the “agent”) to carry on investment services business. Condition B is that the FCA is satisfied that no such business is, or is likely to be, carried on by the agent in the United Kingdom. Condition C is that the business is of a description that, if carried on in the United Kingdom, would be prescribed for the purposes of section 39(1)(a)(i). An authorised person to whom this section applies who— is to be taken for the purposes of this Act to have contravened a requirement imposed on him by or under this Act. enters into or continues to perform a relevant contract with an agent which does not comply with the applicable requirements, enters into or continues to perform a relevant contract without accepting or having accepted responsibility in writing for the agent's activities in carrying on investment services business, enters into a relevant contract with an agent who is not entered on— the record maintained by the FCA by virtue of section 347(1)(ha), or . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . continues to perform a relevant contract with an agent when he knows or ought to know that the agent is not entered on that record ... , The “applicable requirements” are the requirements prescribed for the purposes of subsection (1)(a)(ii) of section 39 which have effect in the case of a person to whom subsection (1A) of that section applies. Section 39(7) applies for the purposes of this section. In this section— ... “relevant office” means— in relation to a body corporate, its registered office or, if it has no registered office, its head office, and in relation to a person other than a body corporate, the person's head office.
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Source: legislation.gov.uk · retrieved 2026-09-04