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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

You are viewing the version of the document as on 2012-12-13.

Status: In this content, we have included all amendments made by EU exit-related instruments up to end September 2020. There will be more amendments to be made later this year, further to the September QCP.

COND 2.1 Threshold condition 1: Legal status

COND 2.1.1UKRP

Paragraph 1, Schedule 6 to the Act

3(1)

If the regulated activity concerned is the effecting or carrying out of contracts of insurance the authorised person must be a body corporate (other than a limited liability partnership), a registered friendly society or a member of Lloyd's.

(2)

If the person concerned appears to the [FSA] to be seeking to carry on, or to be carrying on, a regulated activity constituting accepting deposits, it must be-

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(a)

a body corporate; or

(b)

a partnership.21

COND 2.1.2GRP

Section 40(1) of the Act (Application for permission) allows an application to be made to the FSA for Part IV permission by an individual, a body corporate, a partnership or an unincorporated association. However, in the case of the regulated activities of accepting deposits and effecting or carrying out contracts of insurance, the Banking Consolidation Directive, the First Non-Life Directive and the Consolidated Life Directive4 place further limits on the legal forms a firm may take. The Act implements the provisions of the directives and extends some of these limits to firms that are outside the scope of the directives.

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COND 2.1.3G

[deleted]5

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