4.—(1) In regulation 9—
(a)omit paragraph (2);
(b)in paragraph (5)—
(i)for “paragraphs (2) and (3)” substitute “ paragraph (3) ”;
(ii)omit sub-paragraph (a).
(2) In regulation 10—
(a)in paragraph (1)(b), for “an EEA state” substitute “ the United Kingdom ”;
(b)for paragraph (2)(b), substitute—
“(b)an authorised person (within the meaning of section 31 of FSMA), who has permission under Part 4A of FSMA to carry out or effect contracts of insurance, when carrying out or effecting any contract of long-term insurance (an “insurance undertaking”);”;
(c)in paragraph (2)(c)—
(i)for “a person falling within Article 2 of the markets in financial instruments directive” substitute “ a person falling within one of the exclusions to the definition of “investment firm” in article 3(1) of the Regulated Activities Order ”;
(ii)for “within the meaning of that directive” substitute “ within the meaning of that article ”;
(d)in paragraph (2)(f) after “that Directive” insert “ (and for this purpose, Article 2.7 is to be read as if “insurance undertaking” has the meaning given in sub-paragraph (b)) ”;
(e)in paragraph (2)(g), for “an EEA state” substitute “ the United Kingdom ”;
(f)in paragraph (3)(c), after “capital requirements directive” insert “ as set out in Schedule 2 ”;
(g)for paragraph (4), substitute—
“(4) For the purposes of this regulation—
(a)a “listed activity” means an activity listed in points 2 to 12, 14 and 15 of Annex 1 to the capital requirements directive as set out in Schedule 2;
(b)“Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M1.”.
Commencement Information
I1Reg. 4 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations