[F1PART 7U.K.Transitional and saving provision: exemption from the general prohibition

Textual Amendments

68. 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”—

(a)

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

(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—

(a)

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

(b)

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

(i)

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

(ii)

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

(c)

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

(i)

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

(ii)

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

Textual Amendments