[F1Regulated activities to which regulation 47 has effectU.K.
52.—(1) A regulated activity in respect of which the exemption in regulation 47 has effect is one—
(a)which is necessary for the performance of a pre-existing contract,
(b)which is a carried on for the purposes of performing such a contract,
(c)which is not a regulated activity the person is authorised to carry on by virtue of section 31(1)(a) of the 2000 Act,
(d)which is an activity which, if carried on in the person’s home state—
(i)would need authorisation by the person’s home state regulator, and
(ii)is authorised by the person’s home state regulator, and
(e)to which paragraph (2) applies.
(2) This paragraph applies to a regulated activity—
(a)in the case of a person who satisfies the conditions in regulation 49, which the person is, immediately before [F2IP completion day], authorised to carry on in the United Kingdom by virtue of section 31(1)(b) or (c) of the 2000 Act;
(b)in the case of a person who satisfies the conditions in regulation 50, which the person is, immediately before the day on which regulation 28 ceases to apply, permitted to carry on in the United Kingdom by virtue of that regulation;
(c)in the case of a person who satisfies the conditions in regulation 51, which the person is, immediately before the day on which regulation 34 ceases to apply, permitted to carry on in the United Kingdom by virtue of that regulation.
(3) For the purposes of paragraph (1), the performance of a pre-existing contract includes the performance of an obligation under the contract which is contingent or conditional.
(4) The person is also exempt in respect of a regulated activity which is necessary—
(a)for the purposes of reducing the financial risk of—
(i)a party to a pre-existing contract, or
(ii)a third-party affected by the performance of a pre-existing contract;
(b)in order to transfer the property, rights or liabilities under a pre-existing contract to a person authorised to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act (other than by virtue of these Regulations);
(c)in order to comply with a requirement imposed by or under an enactment.
(5) A person is only exempt in respect of a regulated activity in so far as is necessary for the purposes specified in paragraph (1) or (3).]
Textual Amendments
F1Pt. 7 inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 3
F2Words in reg. 52 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2)(z)