(if it was a recognised investment exchange) whether or not it was acting in accordance with any recognition requirements resulting from section 286 of the Act and relating to the regulated activity of operating a multilateral trading facility or operating an organised trading facility.
A TP firm to which regulation 8 or 11 of the EU Exit Passport Regulations applies, that is not to be regarded as a relevant person under section 213(9A) of the Act (as inserted by regulation 24 of the EU Exit Passport Regulations) is not a participant firm. A TP firm to which regulation 28 or 34 of the EU Exit Passport Regulations applies, that is not to be regarded as a relevant person under section 213(9A) of the Act (as inserted by regulation 70 of the EU Exit Passport Regulations) is not a participant firm. For the purposes of the FCA’s compensation rules, this means that most (but not all) TP firms operating in the UK without an establishment are not participant firms.1210
14Schedule 6A to the Act sets out a procedure to enable the FCA to cancel or vary the Part 4A permission of a person who, it appears to the FCA, is not carrying on the regulated activity to which the Part 4A permission relates. In some cases, this may result in the person no longer being a relevant person following cancellation of all their Part 4A permissions. Paragraph 5 of Schedule 6A to the Act sets out a procedure for the subsequent annulment of the decision to cancel or vary the person’s Part 4A permission in specified circumstances where the FCA is satisfied that it is just and reasonable to do so. Where the FCA grants an application for annulment, either with conditions or unconditionally, paragraph 6 of Schedule 6A to the Act sets out its effect, which includes that the cancellation or variation of the Part 4A permission is treated as if it had never taken place. As a result of the effect of the annulment, the person may therefore be a relevant person for the purposes of any claims which arise during the period in which the person’s Part 4A permission was cancelled or varied.