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8.—(1) The transition period for an overseas person begins with commencement.
(2) The transition period for an overseas person established in an EEA State other than the United Kingdom ends immediately after—
(a)if the overseas person has made a communication under Article 23(3) of the CSD regulation to the competent authority of its home Member State before the end of the six month period specified in Article 69(2) of that regulation—
(i)the decision of the competent authority of the overseas person’s home Member State not to make a communication to the Bank under Article 23(4) of the CSD regulation, or
(ii)the overseas person becomes eligible under Article 23(6) of the CSD regulation to provide the services referred to in Article 23(2) of that regulation in the United Kingdom or to establish a branch in the United Kingdom, or
(b)if the overseas person has not made a communication under Article 23(3) of the CSD regulation to the competent authority of its home Member State before the end of the six month period specified in Article 69(2) of that regulation, the end of that six month period.
(3) The transition period for an overseas person established in a State which is not an EEA State ends immediately after—
(a)if the overseas person has made an application under Article 25(4) of the CSD regulation before the end of the six month period specified in Article 69(3) of that regulation, the determination of its application under Article 25(4) of that regulation, or
(b)if the overseas person has not made an application under Article 25(4) of the CSD regulation before the end of the six month period specified in Article 69(3) of that regulation, the end of that six month period.
(4) During the transition period for an overseas person, article 72 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(1) applies in relation to that overseas person as if it had not been amended by these Regulations.
(5) In this regulation, “overseas person” means an overseas person (within the meaning of article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001) which immediately before commencement provided the services referred to in Article 23 or 25 of the CSD regulation in the United Kingdom (including through a branch in the United Kingdom).
S.I. 2001/544. The definition of “overseas person” in article 3(1) was amended by S.I. 2003/1475, 2003/1476, 2006/2383, 2006/3384, 2009/1342, 2013/1773 and 2017/488. Article 72 was amended by S.I. 2003/1476, 2006/2383, 2006/3384, 2009/1342, 2013/504, 2015/910 and 2017/488.
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