The Public Offers and Admissions to Trading (Amendment and Consequential and Transitional Provisions) Regulations 2025
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Change 1
4 Temporary variation of Part 4A permission
(1) This regulation has effect in relation to an authorised person, other than a PRA-authorised person, if— (a) the person applies to the FCA under section 55H of the Act (variation by FCA at request of authorised person) during the 3 months beginning with the commencement day, and (b) the variation applied for is or includes the addition of the new regulated activity to those to which the permission relates. (2) For the purposes of this regulation and of section 55V of the Act (determination of applications), an application under section 55H of the Act for a variation within paragraph (1)(b) that is made before the commencement day is to be taken to have been made on the commencement day. (3) On receiving an application falling within paragraph (1), the FCA must give the authorised person a written notice confirming that this regulation applies from such day as the FCA may specify in the notice. (4) During the interim permission period determined under paragraph (5), the Part 4A permission of the authorised person is to be treated as varied so that the regulated activities that the authorised person is permitted to carry on include the new regulated activity. (5) The interim permission period begins with the day specified in the notice under paragraph (2) and ends— (a) in a case where the application is withdrawn by the authorised person under section 55V(4) of the Act, with the day on which it is withdrawn; (b) in a case where the FCA gives the authorised person notice under section 55V(5)(b) of the Act of the granting of the application, with the day before that specified in the notice as that from which the variation has effect; (c) in a case where the FCA gives the authorised person a decision notice under section 55X(4)(c) or (d) of the Act relating to a decision to vary the Part 4A permission but to exercise its power under section 55E(5)(a) or (b) or 55L(1), with the day before that from which the variation has effect; (d) in a case where the FCA gives the authorised person a decision notice under section 55X(4)(f) of the Act relating to the refusal of the application, with the day on which the notice is given; (e) in a case where, before the occurrence of an event falling within any of sub-paragraphs (a) to (d), the FCA gives the authorised person a decision notice under section 55Z(2) of the Act relating to cancellation of the person’s Part 4A permission, with the day on which the notice is given. (6) Any reference in an enactment to a person’s permission under Part 4A of the Act (however expressed) is to be read as a reference to that permission as varied by paragraph (4). (7) The powers exercisable by the FCA in relation to the authorised person during the interim permission period include power to vary the person’s Part 4A permission under section 55J of the Act (variation or cancellation on initiative of regulator) in such a way as to limit or cancel the effect of paragraph (4) in relation to that person. (8) Paragraph (4) does not— (a) affect the operation of Part 4A of the Act in relation to the application mentioned in paragraph (1), or (b) require the FCA to comply with subsection (3) of section 55B of the Act (the threshold conditions) in relation to any permission that a person has as a result of paragraph (4). (9) The ending of the interim permission period does not affect the validity of anything done in reliance on paragraph (4) during that period.
4 Temporary variation of Part 4A permission
(1) This regulation has effect in relation to an authorised person, other than a PRA-authorised person, if— (a) the person applies to the FCA under section 55H of the Act (variation by FCA at request of authorised person) during the 3 months beginning with the commencement day, and (b) the variation applied for is or includes the addition of the new regulated activity to those to which the permission relates. (2) For the purposes of this regulation and of section 55V of the Act (determination of applications), an application under section 55H of the Act for a variation within paragraph (1)(b) that is made before the commencement day is to be taken to have been made on the commencement day. (3) On receiving an application falling within paragraph (1), the FCA must give the authorised person a written notice confirming that this regulation applies from such day as the FCA may specify in the notice. (4) During the interim permission period determined under paragraph (5), the Part 4A permission of the authorised person is to be treated as varied so that the regulated activities that the authorised person is permitted to carry on include the new regulated activity. (5) The interim permission period begins with the day specified in the notice under paragraph (2) and ends— (a) in a case where the application is withdrawn by the authorised person under section 55V(4) of the Act, with the day on which it is withdrawn; (b) in a case where the FCA gives the authorised person notice under section 55V(5)(b) of the Act of the granting of the application, with the day before that specified in the notice as that from which the variation has effect; (c) in a case where the FCA gives the authorised person a decision notice under section 55X(4)(c) or (d) of the Act relating to a decision to vary the Part 4A permission but to exercise its power under section 55E(5)(a) or (b) or 55L(1), with the day before that from which the variation has effect; (d) in a case where the FCA gives the authorised person a decision notice under section 55X(4)(f) of the Act relating to the refusal of the application, with the day on which the notice is given; (e) in a case where, before the occurrence of an event falling within any of sub-paragraphs (a) to (d), the FCA gives the authorised person a decision notice under section 55Z(2) of the Act relating to cancellation of the person’s Part 4A permission, with the day on which the notice is given. (6) Any reference in an enactment to a person’s permission under Part 4A of the Act (however expressed) is to be read as a reference to that permission as varied by paragraph (4). (7) The powers exercisable by the FCA in relation to the authorised person during the interim permission period include power to vary the person’s Part 4A permission under section 55J of the Act (variation or cancellation on initiative of regulator) in such a way as to limit or cancel the effect of paragraph (4) in relation to that person. (8) Paragraph (4) does not— (a) affect the operation of Part 4A of the Act in relation to the application mentioned in paragraph (1), or (b) require the FCA to comply with subsection (3) of section 55B of the Act (the threshold conditions) in relation to any permission that a person has as a result of paragraph (4). (9) The ending of the interim permission period does not affect the validity of anything done in reliance on paragraph (4) during that period.
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