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

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 No. 1149

Interpretation

This section has no associated Explanatory Memorandum

21.—(1) In this Part—

“the FCA” means the Financial Conduct Authority;

“home state regulator” means the competent authority of an EEA state in relation to the person concerned; and “competent authority” is construed in accordance with the EU instrument by virtue of which, immediately before exit day, the person derived authorisation to carry on a regulated activity in the United Kingdom;

“the PRA” means the Prudential Regulation Authority;

“regulated activity” has the same meaning as in section 22 of the 2000 Act(1).

(2) A reference to the relevant regulator is, subject to a direction of the PRA or the FCA given with the consent of the other, a reference to—

(a)the PRA, in a case where the regulated activities to which an application or notification under regulation 14 relates consist of or include a PRA-regulated activity (within the meaning of section 22A of the 2000 Act(2));

(b)the FCA, in any other case.

(1)

Section 22 is amended by section 7(1) of the Financial Services Act 2012 (c. 21) and by S.I. 2018/135.

(2)

Section 22A is inserted by section 9 of the Financial Services Act 2012 (c. 21).

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