Schedule 2, paragraph 44

Section 347 (the record of authorised persons etc) is amended as follows. In subsection (1)(a) for the “and” after paragraph (hb) insert— appointed representative to whom subsection (2C) applies; and In subsection (2A) — in paragraph (a) after “subsection (1A)” insert “ or (1AA) ”; and in paragraph (c) for “23.3” substitute “ 29.3 ”. After subsection (2B) insert— This subsection applies to an appointed representative of an authorised person who has a Part 4A permission by virtue of regulation 4 or 7 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/XXXX). After subsection (3) insert— But if a person ceases to be a person to whom one of the paragraphs of subsection (1) applies as a result of— the power conferred by subsection (3) is not exercisable for a period of five years from the date on which the person ceased to be a person to whom subsection (1) applied. a cancellation of that person's Part 4A permission under section 55J(6) because one or more of the conditions in 55K(1)(b) to (d) was met; or a cancellation of that person's Part 4A permission to carry on regulated activities as an exempt investment firm under section 55J(1) to (3) because— the person has contravened a requirement imposed on that person by or under the Act for the purposes of Article 3.2(a) of the markets in financial instruments directive; and one or more of the conditions mentioned in Article 8(b) to (d) of the directive was met; Where the power conferred by subsection (3) is not exercisable in respect of an entry in the record as a result of subsection (3A) the FCA must— make a note in the record that it considers the person to whom the entry relates has ceased to be person to whom one of the paragraphs of subsection (1) applies as a result of a cancellation of that person's Part 4A permission for a reason mentioned in subsection (3A)(a) or (b); and state why it considers that is the case. At the end of subsection (4)(b) insert “ in any case where it has not already done so under subsection (3B) ”. In subsection (8A) at the appropriate place insert— “exempt investment firm” means an authorised person who— but to whom Title II of the markets in financial instruments directive does not apply by virtue of Article 3 of the directive.. is an investment firm; and has a Part 4A permission;

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Source: legislation.gov.uk · retrieved 2026-09-04