[Transition on withdrawal of approval of regulated activity
(1) Sub-paragraph (2) applies where—
(a) the Treasury withdraw their approval of a regulated activity for the purposes of this Schedule (by revoking or amending regulations under paragraph 5), and
(b) immediately before approval is withdrawn, a person had a Schedule 2A permission to carry on the activity.
(2) The regulated activity is to be treated as approved under this Schedule but—
(a) only so far as carried on by the person,
(b) subject to the time limit in sub-paragraph (3), and
(c) subject to any restriction under paragraph 60.
(3) The regulated activity ceases to be treated as approved under this Schedule by virtue of sub-paragraph (2)—
(a) at the end of the period specified by the Treasury by regulations, or
(b) if earlier, when an event listed in sub-paragraph (4) first occurs.
(4) Those events are—
(a) the person ceases to carry on the regulated activity in the United Kingdom;
(b) the person ceases to have permission from the Gibraltar regulator to carry on the corresponding activity in Gibraltar;
(c) the person ceases to have a Schedule 2A permission in respect of the activity;
(d) the person is given permission under Part 4A of this Act in respect of the activity;
(e) the Treasury approve the activity for the purposes of this Schedule (by making regulations under paragraph 5).
(5) Where the approval of the regulated activity referred to in sub-paragraph (1)(a) is subject to limitations, references in this
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Novation—why and how to novate a contractThere may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the
CodicilsCodicils may be used for making any alteration in a Will such as to alter the executors or make changes in legacies, whether by addition or deletion but that is by no means their only use. As a general rule, substantial changes are best achieved by means of a new Will and codicils are more
The tort of deceitDeceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they
Fraud by false representationFraud by false representationFraud by false representation applies to a broader range of conduct than the offences under the preceding legislation (the Theft Act 1968 (TA 1968)). No gain or loss need actually be made, and no deception need operate on the mind of the
0330 161 1234