Part III Authorisation and Exemption (ss 31-[39A)
Part III Authorisation and Exemption (ss 31-[39A)

31 Authorised persons

(1)     The following persons are authorised for the purposes of this Act—

(a)     a person who has a [Part 4A permission] to carry on one or more regulated activities;

(b)     an EEA firm qualifying for authorisation under Schedule 3;

(c)     a Treaty firm qualifying for authorisation under Schedule 4;

(d)     a person who is otherwise authorised by a provision of, or made under, this Act.

(2)     In this Act “authorised person” means a person who is authorised for the purposes of this Act.


32 Partnerships and unincorporated associations

(1)     If a firm is authorised—

(a)     it is authorised to carry on the regulated activities concerned in the name of the firm; and

(b)     its authorisation is not affected by any change in its membership.

(2)     If an authorised firm is dissolved, its authorisation continues to have effect in relation to any [individual or] firm which succeeds to the business of the dissolved firm.

[(3)     For the purposes of this section, an individual or firm is to be regarded as succeeding to the business of a dissolved firm only if succession is to the whole or substantially the whole of the business of the former firm.]

(4)     “Firm” means—

(a)     a partnership; or

(b)     an unincorporated association of persons.

(5)     “Partnership” does not include a partnership which is constituted under the law of any place outside the United Kingdom and is a body corporate.


33 Withdrawal of authorisation . . .

(1)     This section applies if—

(a)     an authorised person's [Part 4A permission] is cancelled; and

(b)     as a result, there is no regulated activity for which he has permission.

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