97.This Part governs the way in which a person can obtain permission to carry on regulated activities.  It is through obtaining permission that authorisation is generally obtained under section 31(1).  However, this route to authorisation does not apply to those EEA firms who qualify for authorisation by virtue of Schedule 3 or those Treaty firms who qualify by virtue of Schedule 4.  These provisions only apply to EEA and Treaty firms to the extent that they have obtained additional permissions beyond those that they obtained under those Schedules.
Commentary on Sections Part Iv: Permission to Carry on Regulated Activities