Made | 28th June 2006 | ||
Laid before Parliament | 29th June 2006 | ||
Coming into force in accordance with article 1(2) and (3) |
(3) All other articles of this Order come into force on 6th April 2007.
(4) In this Order—
Amendment of the Principal Order
2.
—(1) The Principal Order is amended as follows.
(2) In paragraph (1) of article 3 (interpretation)—
(3) In the title of Chapter 11 of Part 2 (stakeholder pension schemes), omit "stakeholder".
(4) For article 52 (establishing etc. a stakeholder pension scheme), substitute—
(5) For article 82 (rights under a stakeholder pension scheme), substitute—
Transitional provisions
3.
—(1) Paragraph (2) applies to a person ("A") who immediately before commencement had Part IV permission to carry on an activity of the kind specified by article 52 of the Principal Order.
(2) On commencement A is to be treated as also having Part IV permission to carry on the activity of establishing, operating or winding up a personal pension scheme.
(3) Paragraph (4) applies to a person ("B") who immediately before commencement had Part IV permission to carry on an activity of the kind specified by article—
of the Principal Order in relation to rights under a stakeholder pension scheme ("a relevant permission").
(4) On commencement B is to be treated as also having Part IV permission to carry on, in relation to rights under a personal pension scheme, any of the activities of a kind mentioned in paragraph (3) for which he had a relevant permission immediately before commencement.
(5) No person shall be treated as having his Part IV permission extended in accordance with this article if on or before 23rd March 2007 he gave written notice to the Authority that he did not wish to have his permission extended.
Interim permission
4.
—(1) This article applies where—
(b) on or before 1st October 2006, the applicant had been carrying on an activity that following commencement will be—
of the Principal Order in relation to rights under a personal pension scheme;
(c) the Authority received the application on or before 23rd March 2007; and
(d) the application had not been finally decided before commencement.
(2) The applicant is to be treated as having at commencement the permission to which the application relates.
(3) A permission which an applicant is to be treated as having is referred to in this Order as an "interim permission".
(4) Without prejudice to the exercise by the Authority of its powers under Part 4 of the Act an interim permission lapses when the application has been finally decided.
(5) In this article "finally decided" means—
(6) An applicant who is treated as having interim permission may not withdraw the application without first obtaining the consent of the Authority.
(7) Where—
the Authority must, once it is satisfied that it is no longer necessary to keep the interim permission in force, cancel it.
Interim approval
5.
—(1) This article applies where—
(2) The person in respect of whom the application is made is to be treated as having at commencement the Authority's approval for the purposes of section 59 of the Act (approval for particular arrangements) in relation to the functions to which the application relates.
(3) An approval which an applicant is to be treated as having is referred to in this Order as an "interim approval".
(4) Without prejudice to the exercise by the Authority of its powers under Part 4 of the Act an interim approval lapses when the application has been finally decided.
(5) In this article, "finally decided" means—
Application of the Authority's rules etc. to persons with interim permission or interim approval
6.
—(1) The Authority may direct in writing that any relevant provision which would otherwise apply to a person by virtue of his interim permission or interim approval is not to apply, or is to apply to him as modified in the way specified in the direction.
(2) Where the Authority makes a rule, gives guidance or issues a statement or code which applies only to persons with an interim permission or an interim approval (or only to a class of such persons), sections 65 (statements and codes: procedure) and 155 (consultation) and subsection (3) of section 157 (guidance) of the Act do not apply to that rule, guidance, statement or code.
(3) For the purposes of paragraph (1), a "relevant provision" is any provision made as a result of the exercise by the Authority of any of its legislative functions mentioned in paragraph 1(2) of Schedule 1 to the Act (the Financial Services Authority).
Application of the Act etc.
7.
The Schedule modifies the application of the Act and the Principal Order in relation to persons with an interim permission or an interim approval.
Amendments to the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001
8.
—(1) Article 2 of the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001[8] is amended as follows.
(2) Omit the definitions of "occupational pension scheme" and "personal pension scheme".
(3) In the appropriate places insert—
Amendments to the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001
9.
—(1) The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001[9] is amended as follows.
(2) In article 3(2)(h), omit "stakeholder".
(3) In article 4(3), for the definition of "occupational pension scheme", substitute—
Amendment to the Financial Services and Markets Act 2000 (Exemption) Order 2001
10.
In article 5(1)(h) of the Financial Services and Markets Act 2000 (Exemption) Order 2001[10], omit "stakeholder".
Amendment to the Financial Services and Markets Act 2000 (Professions)(Non-Exempt Activities) Order 2001
11.
In article 4(e) of the Financial Services and Markets Act 2000 (Professions)(Non-Exempt Activities) Order 2001[11], omit "stakeholder".
Amendments to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
12.
—(1) The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005[12] is amended as follows.
(2) In article 72(4) for the definition of "personal pension scheme" substitute—
(3) For paragraph 20 (rights under a stakeholder pension scheme) of Part 2 of Schedule 1, substitute—
(4) In paragraph 28 (interpretation) of Part 2 of Schedule 1, for the definition of "occupational pension scheme", substitute—
Frank Roy
Alan Campbell
Two of the Lords Commissioners of Her Majesty's Treasury
28th June 2006
4.
Paragraphs 5(1), 6 to 9, 11, 12 and 13 apply to a person who falls within subsection (1) of section 31 (authorised persons) only by virtue of having an interim permission.
5.
—(1) A person with interim permission is to be treated after commencement as an authorised person for the purposes of the Act (and any provision made under the Act), unless otherwise expressly provided for by this Schedule.
(2) A person with an interim approval is to be treated after commencement as an approved person for the purposes of the Act (and any provision made under the Act), unless otherwise expressly provided for by this Schedule.
6.
For the purposes of subsection (1) of section 21 (restrictions on financial promotion) a person with an interim permission is not to be treated as an authorised person for the purposes of communicating or approving the content of a communication except where the communication invites or induces a person to enter into (or offer to enter into) an agreement the making or the performance of which constitutes a controlled activity which corresponds to a regulated activity which is covered by his interim permission.
7.
A person with an interim permission may still be an appointed representative within the meaning of subsection (2) of section 39 (exemption of appointed representatives) (and hence may be treated as exempt from the general prohibition as a result of section 39(1) for the purposes of subsection (3)(a) of section 42 (giving permission)).
8.
Subsection (3)(a) of section 213 (the compensation scheme) does not apply to a person who is a relevant person (within the meaning of that section) only by virtue of his having interim permission.
9.
Subsection (1)(a) of section 347 (the record of authorised persons etc.) is disapplied in relation to persons with interim permission.
10.
Section 347(1)(h) is disapplied in relation to persons with interim approval.
11.
In article 22 of the Principal Order (deals with or through authorised persons), with the exception of the first reference, the references to an "authorised person" do not include a person with interim permission.
12.
In article 29 of the Principal Order (arranging deals with or through authorised persons), with the exception of the first reference, the references to an "authorised person" do not include a person with interim permission.
13.
For the purposes of paragraphs (1)(a), (2)(a), (3) and (4)(a) of article 72 of the Principal Order (overseas persons), a person with an interim permission is not to be treated as an authorised person.
[3] The definition of "occupational pension scheme" was inserted into section 1 of the Pensions Act 1993 (c. 48) by the Pensions Act 2004 (c. 35) section 239(1) and (2).back
[4] Article 21 was amended by S.I. 2003/1476.back
[5] Article 45 was amended by S.I. 2001/3544 and 2002/682.back
[6] Article 53 was amended by S.I. 2003/1476.back
[7] Article 64 was amended by S.I. 2001/682.back
[8] S.I. 2001/1062, to which there are amendments not relevant to this instrument.back
[9] S.I. 2001/1177; article 4(3) was amended by S.I. 2005/922.back
[10] S.I. 2001/1201, to which there are amendments not relevant to this instrument.back
[11] S.I. 2001/1227, to which there are amendments not relevant to this instrument.back
[12] S.I. 2005/1529, to which there are amendments not relevant to this instrument.back