COND 1.1 Application
Who?
COND applies to every firm, except that:
- (1)
for an incoming EEA firm or an incoming Treaty firm only threshold conditions 1, 3, 4 and 5 apply and only in so far as relevant to:
- (a)
an application for a top-up permission under Part IV of the Act (that is, permission to carry on regulated activities in addition to those permitted through the incoming firm's authorisation under Schedule 3 (EEA Passport Rights) or 4 (Treaty Rights) to the Act ); and
- (b)
the exercise of the FSA's own-initiative power under section 45 of the Act (Variation etc on the FSA's own initiative) in relation to the top-up permission;
- (a)
- (2)
COND also applies to an applicant for Part IV permission;
- (3)
threshold conditions 3, 4 and 5 do not apply to a Swiss General Insurance Company;
1 - (4)
COND 2.6 (Additional conditions) is only relevant to non-EEA insurers; and
1 - (5)
COND 3.1 is only relevant to firms falling within the scope of the Banking Act 2009 (see COND 3.1.1 G).1
In COND, 'firm' includes an applicant for Part IV permission unless the context otherwise requires.
What?
COND applies in relation to all of the regulated activities for which a firm has, or will have, permission, except as stated in COND 1.1.1 G (1).
Where?
COND applies in relation to all of the regulated activities wherever they are carried on, except as stated in COND 1.1.1 G (1).