Member

78: Clause 33, page 39, line 17, at end insert— “(5A) In section 309L (determining applications: period for approval), in subsection (1), in paragraph (a)—(a) the words from“without imposing”to the end become sub-paragraph (i); (b) after that sub-paragraph insert—“(ii) in the case of a permitted conditional application (as defined in section 309J(2B)), subject only to conditions, or for a limited period, requested in the application (or both), or”.”Member’s explanatory statement This amendment would keep section 309L of the Financial Services and Markets Act 2000 in step with other amendments to Part 18 of that Act, which treat a decision to grant an application on the terms requested like an approval of the application.