On qualifying for authorisation as a result of F1paragraph 12(1), (2) or (3), a firm has, in respect of each permitted activity which is a regulated activity, permission to carry it on through its United Kingdom branch (if it satisfies the establishment conditions) or by providing services in the United Kingdom (if it satisfies the service conditions).

Sub-paragraph (1) is to be read subject to paragraph 15A(3).

The permission is to be treated as being on terms equivalent to those appearing from the consent notice, regulator’s notice or notice of intention.

Sections F321 and 39(1) of the M1Consumer Credit Act 1974 (business requiring a licence under that Act) do not apply in relation to the carrying on of a permitted activity which is Consumer Credit Act business by a firm which qualifies for authorisation as a result of paragraph 12, unless F4the Office of Fair Trading has exercised the power conferred on F5it by section 203 in relation to the firm.

“Consumer Credit Act business” has the same meaning as in section 203.

A firm which qualifies for authorisation as a result of paragraph 12(5) has, in respect of each permitted activity which is a regulated activity, permission to carry it on through its United Kingdom branch or by providing services in the United Kingdom.

The permission is to be treated as being on terms equivalent to those appearing in the authorisation granted to the firm under Article 3 of the reinsurance directive by its home state regulator (“its home authorisation”).

For the purposes of sub-paragraph (5), “permitted activity” means an activity which the firm is permitted to carry on under its home authorisation.