For the purposes of this Part—

• “contract of insurance” has the same meaning as in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;

• “establishment” means a branch;

• “the FCA” means the Financial Conduct Authority;

• “home state regulator” has the meaning given by regulation 21;

• F2“payment service” has the same meaning as in regulation 2 of the Payment Services Regulations 2017;

• “the PRA” means the Prudential Regulation Authority;

• “pre-existing contract”—

  1. a

     in the case of a person who satisfies the conditions in regulation 49, means a contract entered into before F3IP completion day;

  2. b

     in the case of a person who satisfies the conditions in regulation 50 or 51, has the same meaning, in respect of the person, as in Part 6;

• “regulated activity” has the same meaning as in section 22 of the 2000 Act;

• “regulator” means the FCA or the PRA;

• “relevant day” means—

  1. a

     in the case of a person who satisfies the conditions in regulation 49, F3IP completion day;

  2. b

     in the case of a person who satisfies the conditions in regulation 50, the earlier of—

     1. i

        the day on which regulation 28 first applies to the person, or

     2. ii

        where applicable, the day on which regulation 47 first applies to the person;

  3. c

     in the case of a person who satisfies the conditions in regulation 51, the earlier of—

     1. i

        the day on which regulation 34 first applies to the person, or

     2. ii

        where applicable, the day on which regulation 47 first applies to the person.