26.—(1) The modifications specified in paragraphs (2) and (3) apply in respect of a person to whom, before [F2IP completion day], regulation 22(1)(a) ceases to apply.
(2) Section 61 of the 2000 Act (determination of applications) has effect as if, for subsection (3A)(a), there were substituted—
“(a)in any case where the application under section 60 is made by a person applying for permission, or for the variation of a permission, under Part 4A, means the period within which the application must be determined under section 55V(1) or (2), and”.
(3) Regulation 48 of the Solvency 2 Regulations 2015 (models) has effect as if, in paragraph (4), for the words from “its receipt” to the end there were substituted “ the day on which regulation 22(1)(a) ceased to apply in respect of the applicant. ”
Textual Amendments
F1Words in reg. 26 heading substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2)(q)
F2Words in reg. 26 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2)(q)