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AUTH 3.2 Introduction

AUTH 3.2.1G
  1. (1)

    With certain exceptions (for example, EEA firms), a person wanting to carry on any one or more regulated activities must apply to the FSA for Part IV permission. If the FSA gives an applicant such permission, the applicant will become an authorised person.

  2. (2)

    Authorisation gives a firm the ability to carry on regulated activities without breaching the general prohibition and incurring criminal liability (see AUTH 2.2.1 G). A firm may, however, be subject to regulatory action if it does not have the necessary Part IV permission for each regulated activity it carries on (see AUTH 3.3.3 G).

AUTH 3.2.2G

AUTH 3 Annex 1 G gives an overview of the application process from receipt of the application by the FSA.