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Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001 [SI 2001 No. 2636]Introductory TextPart I General (arts. 1-2)Article 1 Citation and commencementArticle 2 DefinitionsPart II Authorisation and Permission for Persons Authorised etc. under Old Law (arts. 3-33)Part II, Chapter I Permissions under Part IV of the Act (arts. 3-24)Persons authorised or exempted under the Financial Services ActArticle 3 Authorisation under section 25 of the Financial Services ActArticle 4 Authorisation under section 7 of the Financial Services ActArticle 5 Persons certified by designated professional bodiesArticle 6 Listed institutionsArticle 7 Lloyd's underwriting agentsArticle 8 Lloyd's members' advisersArticle 9 Appointed representativesArticle 10 Investment business carried on overseas before commencementPersons authorised under the Banking ActArticle 11 Persons authorised under the Banking ActArticle 12 Banking business carried on overseas before commencementArticle 13 Permission to carry on non-banking listed activitiesInsurance companiesArticle 14 Companies authorised under the Insurance Companies ActArticle 15 EC companies carrying on reinsurance businessArticle 16 EC companies carrying on investment businessArticle 17 Insurance business carried on overseas before commencementFriendly societies etc.Article 18 Friendly societies authorised under the Friendly Societies ActArticle 19 Friendly societies: other permissionsArticle 20 Societies registered under the Friendly Societies Act 1974Article 21 Insurance business carried on overseas by friendly societies before commencementBuilding societiesArticle 22 Building societies authorised under the Building Societies ActArticle 23 Banking business carried on overseas by building societies before commencementSupplementalArticle 24 Persons with more than one old authorisation etc.Part II, Chapter II Authorisation and Permission under Schedule 3 (arts. 25-27)EEA firms with "passports" under the 2BCD or ISD RegulationsArticle 25 EEA firms with "passports" under the 2BCD or ISD RegulationsEEA firms with "passports" under the Insurance Companies ActArticle 26 EC companies carrying on direct insurance through UK branchArticle 27 EC companies providing insurance in UKPart II, Chapter III Authorisation, Permission etc. under Schedule 4 (arts. 28-32)Treaty firms authorised under section 31 of the Financial Services ActArticle 28 Treaty firms authorised under section 31 of the Financial Services ActArticle 29 Certificates under section 31(4) of the Financial Services ActTreaty firms which are insurance companiesArticle 30 EC companies carrying on reinsurance business through UK branchArticle 31 EC companies carrying on investment business as Treaty firmsStatus for purposes of Part XIII of the ActArticle 32 Status for purposes of Part XIII of the ActPart II, Chapter IV Supplemental (art. 33)Article 33 Old transitional provisionPart III Effect of Restriction and Prohibitions Imposed under Old Law (arts. 34-54)Prohibitions and requirements under the Financial Services ActArticle 34 Prohibitions and requirements under sections 65 to 68 of the Financial Services ActArticle 35 Prohibitions and requirements imposed by recognised self-regulating organisations or recognised professional bodiesArticle 36 Supplemental provision relating to requirements under section 67 of the Financial Services Act etc.Article 37 Requirements imposed under the Financial Services Act by virtue of the 2BCD or ISD Regulations as a matter of urgencyRestrictions and directions under the Banking ActArticle 38 Restrictions under section 12 of the Banking ActArticle 39 Directions under section 19 of the Banking ActDirections and requirements under the Insurance Companies ActArticle 40 Directions under sections 11 and 12A of the Insurance Companies ActArticle 41 Requirements under sections 38, 39, 40, 41, 43 and 45 of the Insurance Companies ActArticle 42 Order of the court under section 40A of the Insurance Companies ActArticle 43 Requirements imposed on former Lloyd's underwriting membersArticle 44 Requirements and directions under Schedule 2F to the Insurance Companies ActConditions and directions under the Friendly Societies ActArticle 45 Conditions imposed under the Friendly Societies ActArticle 46 Direction under section 40 of the Friendly Societies ActArticle 47 Direction under section 51 of the Friendly Societies ActArticle 48 Order of the court under section 52A of the Friendly Societies ActArticle 49 Direction under section 53 of the Friendly Societies ActConditions and directions under the Building Societies ActArticle 50 Conditions and directions imposed under the Building Societies ActArticle 51 Direction under section 43A of the Building Societies ActProhibitions and restrictions under the 2BCD and ISD RegulationsArticle 52 Prohibitions and restrictions under regulations 9, 10 and 15 of the 2BCD Regulations and regulation 9 of the ISD RegulationsArticle 53 Prohibitions and restrictions under regulations 18 and 19 of the 2BCD Regulations and regulations 15 and 16 of the ISD RegulationsSupplementalArticle 54 SupplementalPart IV Scope of Permission: Procedure (arts. 55-64)Article 55 Notice of scope of permissionArticle 56 Responding to the scope of permission noticeArticle 57 Scope of permission where person agrees with noticeArticle 58 Final view noticesArticle 59 Scope of permission following final view noticeArticle 60 Scope of permission where reference is made to the TribunalArticle 61 Information for public file of mutual societyArticle 62 Application of section 20Article 63 Requirement to reapply for Part IV permissionArticle 64 Requirement to reapply: procedurePart V Collective Investment Schemes (arts. 65-71)Part V, Chapter 1 Authorisation and Recognition of Schemes (arts. 65-68)Article 65 Authorised unit trust schemesArticle 66 Schemes constituted in other EEA StatesArticle 67 Schemes authorised in designated countries or territoriesArticle 68 Individually recognised overseas schemesPart V, Chapter II Directions Imposed on Schemes (arts. 69-71)Article 69 Directions imposed on authorised unit trust schemesArticle 70 Directions imposed on schemes authorised in designated countries or territoriesArticle 71 Directions imposed on individually recognised schemesPart VI Approved Persons (arts. 72-76)Article 72 General ruleArticle 73 Persons previously approved subject to conditionsArticle 74 Appointment approved but not taken up before commencement: section 60 of the Insurance Companies ActArticle 75 Appointment approved but not taken up before commencement: section 61 of the Insurance Companies ActArticle 76 Appointment of partner approved but not taken up before commencementPart VII Other Transitional Status after Commencement (arts. 77-80)Article 77 UK firms with "passports" before commencementArticle 78 Disqualification of auditorsArticle 79 Employment of prohibited persons: disqualification directionsArticle 80 International securities self-regulating organisationsSignatureExplanatory Note
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 December 2001 - onwards
Version 2 of 2

Article 21 Insurance business carried on overseas by friendly societies before commencement

(1) A friendly society which was, immediately before commencement -

(a) authorised under the Friendly Societies Act to carry on insurance business (within the meaning of that Act); and

(b) carrying on overseas insurance business,

is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where it carried on that overseas insurance business.

(2) In this article -

"corresponding overseas regulated activities" means regulated activities which -

(a) the society carries on after commencement by virtue of continuing to carry on its overseas insurance business; and

(b) the society is regarded as carrying on in the United Kingdom by virtue of section 418;

"overseas insurance business" means business which constituted insurance business within the meaning of section 21(1) of the Friendly Societies Act and which the society was carrying on in a country or territory outside the United Kingdom without contravening either paragraph 1 or 5 of Schedule 13B to that Act.

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