F1PART 6Transitional and saving provision: limited permission to carry on a regulated activity

Annotations:
Amendments (Textual)

CHAPTER 1Temporary limited permission to carry on a regulated activity

Conditions to be satisfied for regulation 28 to apply: persons who cease to be authorised on F6IP completion day30

1

The conditions are that the person is one—

a

who, immediately before F5IP completion day—

i

is authorised to carry on a regulated activity in the United Kingdom by virtue of section 31(1)(b) or (c) of the 2000 Act, and

ii

is carrying on such an activity F3or, subject to paragraph (3), providing a payment service in the United Kingdom through an establishment in the United Kingdom,

F2aa

who is not a Gibraltar firm,

b

who, immediately before F5IP completion day, is not authorised to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act,

c

who, on F5IP completion day, is not authorised to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act, and

d

to whom, on F5IP completion day, regulation 8 does not apply.

2

In this regulation—

a

reference to carrying on a regulated activity at a particular time includes where the performance of a pre-existing contract requires, or may require, a regulated activity to be carried on at another time;

b

reference to authorisation to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act does not include such an authorisation by virtue of regulation 28.

F43

The reference to providing a payment service in paragraph (1)(a)(ii) applies only to a credit institution which was providing the service through an establishment in the United Kingdom immediately before F5IP completion day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before F5IP completion day.