The Banking Coordination (Second Council Directive) Regulations 1992

Authorisations and licences not required

5.—(1) Subject to paragraph (2) below, nothing in the following enactments, namely—

(a) section 3 of the Banking Act (restriction on acceptance of deposits);

(b) sections 3 and 4 of the Financial Services Act (restrictions on carrying on investment business);

(c) sections 21, 39(1) and 147(1) of the Consumer Credit Act (Consumer Credit Act businesses needing a licence); and

(d) section 2 of the Insurance Companies Act(1) (restriction on carrying on insurance business),

shall prevent a European institution from carrying on in the United Kingdom any listed activity which it is authorised or permitted to carry on in its home State.

(2) In relation to a European institution in respect of which a prohibition under these Regulations is in force—

(a) paragraph (1)(a) above shall not apply if the prohibition is under regulation 9 below;

(b) paragraph (1)(b) above shall not apply if the prohibition is under regulation 15 below; and

(c) paragraph (1)(c) above shall not apply if the prohibition is under regulation 18 below.

(1)

1982 c. 50; section 2 has been amended by S.I. 1987/2130.