101.Having received an application for permission, the Authority must consider it in the light of its duty under section 41.  The Authority has discretion to grant permission for all the activities applied for, or just some of them.
102.The Authority can also frame the permission it grants so as to cover activities which are wider or narrower than the activities as described in the application, and may thus impose its own limitations on the way in which an activity may be carried on.  This allows the Authority to design the permission in order to be satisfied that the threshold conditions are met in circumstances where it would not be satisfied if it granted the permission sought in full.  The ability to grant a wider permission than was applied for would enable the Authority, if it so chose, to have standard types of permission that it granted.  However, the Act does not require the Authority to operate in this way.
103.If the applicant is exempt for certain regulated activities by virtue of being a recognised investment exchange or a recognised clearing house, or by virtue of membership of a professional body designated under Part XX, his application, and any resulting permission, is not to be regarded as covering those exempt activities.  For other exempt persons, an application under this section will be regarded as covering their exempt activities.
Commentary on Sections Part Iv: Permission to Carry on Regulated Activities Section 42: Giving permission