Schedule 2, paragraph 44(5)

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.

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