PART II

AUTHORISATION AND PERMISSION FOR PERSONS AUTHORISED ETC. UNDER OLD LAW
CHAPTER I

permissions under part iv of the act

Persons authorised under the Banking Act

Permission to carry on non-banking listed activities
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1
This article applies to a person who, immediately before commencement—
a
held an authorisation granted (or deemed to be granted) under the Banking Act; or
b
was authorised or treated as authorised for the purposes of the Building Societies Act.
2
Subject to paragraphs (3) and (4), a person to whom this article applies is to be treated as having, at commencement, a Part IV permission to carry on any regulated activity which was a non-banking listed activity and which he had described in a notice given by him in accordance with paragraph 2 of Schedule 6 to the 2BCD Regulations as an activity—
a
which he proposed to carry on in a particular member State by the provision of services; or
b
which he proposed to carry on in a particular member State from a branch in that state.
3
The permission referred to in paragraph (2) extends only to carrying on that regulated activity in the particular member State which was mentioned in the notice referred to in paragraph (2).
4
The permission referred to in paragraph (2) does not extend to carrying on the regulated activity referred to in that paragraph from a branch in that state unless—
a
the UK authority gave a notice to the relevant supervisory authority under paragraph 3(1) of Schedule 6 to the 2BCD Regulations referring to that non-banking listed activity; and
b
either the relevant supervisory authority informed the institution that it could establish the branch or the period of two months beginning with the day on which the UK authority gave the relevant supervisory authority notice elapsed.
5
Where a person to whom this article applies—
a
was, immediately before the relevant date, carrying on in another member State by the provision of services a non-banking listed activity; or
b
had, before the relevant date, established in another member State for the purposes of carrying on such an activity a branch which was in existence immediately before the relevant date,
he is to be treated, for the purposes of this article, as if he had, in relation to that activity, given the notice referred to in paragraph (2).
6
In this article—
- “non-banking listed activity” means an activity listed in Annex 1 to the banking co-ordination directive other than the first activity so listed;
- “relevant date” means the commencement date within the meaning of paragraph 2 of Schedule 11 to the 2BCD Regulations;
- “relevant supervisory authority” has the meaning given in regulation 2 of the 2BCD Regulations;
- “UK authority” has the meaning given in regulation 20(7) of those Regulations.