The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 No. 1149

[F1 PART 6 U.K. Transitional and saving provision: limited permission to carry on a regulated activity

Textual Amendments

F1 Pt. 6 inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 2

CHAPTER 1 U.K. Temporary limited permission to carry on a regulated activity

Conditions to be satisfied for regulation 28 to apply: persons who cease to be authorised on [F2 IP completion day] U.K.

30.— (1) The conditions are that the person is one—

(a) who, immediately before [F3 IP 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 [F4 or, subject to paragraph (3), providing a payment service] in the United Kingdom through an establishment in the United Kingdom,

[F5 (aa) who is not a Gibraltar firm,]

(b) who, immediately before [F3 IP 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 [F3 IP 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 [F3 IP 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.]

[F6 (3) 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 [F3 IP 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 [F3 IP completion day].]

Textual Amendments

F2 Words in reg. 30 heading substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2)(r)

F3 Words in reg. 30 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2)(r)

F4 Words in reg. 30(1)(a)(ii) inserted (6.9.2019) by The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(2), 6(2)(a)

F5 Reg. 30(1)(aa) inserted (16.3.2019) by The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/589), regs. 1(2), 11(5)

F6 Reg. 30(3) inserted (6.9.2019) by The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(2), 6(2)(b)