The Financial Services and Markets Act 2000 (Scope of Permission Notices) Order 2001
This Order enables the Financial Services Authority to correct some of the scope of permission notices given under Part IV of the Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001 (S.I 2001/2636) (“the Authorised Persons Order”). The Authorised Persons Order confers on a person who was authorised under one of the regulatory enactments replaced by the Financial Services and Markets Act 2000 a permission to carry on the regulated activities for which he was previously authorised. A duty was imposed on the Authority by article 55 of the Authorised Persons Order to give each such person a scope of permission notice describing the activities for which he had permission by virtue of that Order. The recipient of the notice may either agree or dispute the content of the notice. If he notifies the Authority that he agrees with the matters stated in the notice, then that notice becomes the conclusive source of his new permission from the commencement of the new regime on 1st December 2001. Some firms have notified their agreement to scope of permission notices which contain errors in the specification of the permission the firm is to be treated as having or in the requirements to which the firm is treated as subject. This Order allows those notices to be revised to ensure that the permission having effect as from 1st December 2001 by virtue of the operation of article 57(1) of the Authorised Persons Order properly reflects the permission conferred on the person by that Order. These corrections are in addition to those provided for in articles 29 and 30 of the Financial Services and Markets Act 2000 (Miscellaneous Provisions) Order 2001 (S.I. 2001/3650). Those articles are amended by article 5 of this Order to ensure that the date by which the firm has to respond, if it objects to the revision notice, is the same for all the corrections made under both Orders.