12. In regulation 18 (finance: exceptions from prohibitions)—
(a)omit paragraph (6);
(b)in paragraph (7), for the definition of “relevant institution” substitute—
““relevant institution”, in relation to the Territory, means a person domiciled in the Territory who would satisfy the threshold conditions for permission under Part 4A of the Financial Services and Markets Act 2000(1) if it had its registered office (or if it does not have one, its head office) in the United Kingdom.”
(c)omit paragraph (8).
(1)
2000 c.8. Part 4A was inserted by the Financial Services Act 2012 (c.21), section 11(2) and most recently amended by S.I. 2018/1149; it is prospectively amended by S.I. 2019/632.