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5 Authorisation

From: Financial Services Regulation in Practice

Simon Morris

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 06 July 2022

Banks and cross-border issues — Passport — Approved person — Authorisation — Financial Services and Markets Act 2000 — Regulated activities — Regulated persons

In this chapter the concept of ‘authorisation’, in the context of the general prohibition, is explored. The process of obtaining authorisation through a Part 4A permission is explained. Next, the threshold conditions that a firm must meet, both on authorisation and subsequently, are given. The key concept of passporting within the European Economic Area (EEA) is explained for firms based in the EEA and the UK. The four principal categories of persons who are exempted from authorisation requirements are discussed. Finally, this chapter examines how a firm’s permission can be varied or cancelled, and how the regulator can impose requirements upon the firm to take or not to take some specified action.

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