The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018

PART 2 Repeal of passport rights, etc., under Part 3 of the Financial Services and Markets Act 2000

Repeal of passport rights, etc.

2.—(1) Part 3 of the 2000 Act (authorisation and exemption) is amended as follows.

(2) Omit section 31(1)(b) (authorised persons: EEA firms).

(3) Omit section 31(1)(c) (authorised persons: Treaty firms).

(4) Omit section 37 (exercise of EEA rights by UK firms).

(5) In Schedule 3 (EEA passport rights), omit—

(a) Part 2 (exercise of passport rights by EEA firms);

(b) Part 3 (exercise of passport rights by UK firms).

(6) Omit Schedule 4 (Treaty rights).

Consequential amendments

3.  The Schedule makes consequential amendments—

(a) in Part 1, to the 2000 Act;

(b) in Parts 2 and 3, to other enactments.

Saving provision: tax

4.  For the purposes of an enactment relating to taxation—

(a) the provision made by these Regulations is to be treated as not having been made, and

(b) where, by virtue of these Regulations, a person ceases to be a person of a particular description, the person is to be treated as continuing to be a person of that description.