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PART III |
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AUTHORISATION AND EXEMPTION |
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Authorisation |
| Authorised persons. |
28. - (1) The following persons are authorised for the purposes of this Act-
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(a) a person who has a Part IV permission to carry on one or more regulated activities; |
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(b) an EEA firm qualifying for authorisation under Schedule 3; |
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(c) a Treaty firm qualifying for authorisation under Schedule 4; |
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(d) a person who is otherwise authorised by a provision of, or made under, this Act. |
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(2) In this Act "authorised person" means a person who is authorised for the purposes of this Act.
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| Partnerships and unincorporated associations. |
29. - (1) If a firm is authorised-
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(a) it is authorised to carry on the regulated activities concerned in the name of the firm; and |
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(b) its authorisation is not affected by any change in its membership. |
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(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.
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(3) For the purposes of this section, a firm is to be regarded as succeeding to the business of another firm only if-
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(a) the members of the resulting firm are substantially the same as those of the former firm; and |
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(b) succession is to the whole or substantially the whole of the business of the former firm. |
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(4) "Firm" means-
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(b) an unincorporated association of persons. |
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(5) "Partnership" does not include a partnership-
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(a) which is constituted under the law of Scotland; or |
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(b) which is constituted under the law of any place outside the United Kingdom and is a body corporate. |
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Ending of authorisation |
| Withdrawal of authorisation by the Authority. |
30. - (1) This section applies if-
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(a) an authorised person's Part IV permission is cancelled; and |
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(b) as a result, there is no regulated activity for which he has permission. |
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(2) The Authority must give a direction withdrawing that person's status as an authorised person unless it considers that there are good reasons for not doing so.
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| EEA firms. |
31. - (1) An EEA firm ceases to qualify for authorisation under Schedule 3 if it ceases to be an EEA firm as a result of-
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(a) having its EEA authorisation withdrawn; or |
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(b) ceasing to have an EEA right in circumstances in which EEA authorisation is not required. |
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(2) At the request of an EEA firm, the Authority may give a direction cancelling its Schedule 3 authorisation.
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(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 Schedule 3.
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