Cessation of temporary designation
This section has no associated Explanatory Memorandum
2.—(1) The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019(1) are amended as follows.
(2) In regulation 16(2) at the beginning insert, “Subject to regulation 17,”.
(3) For regulation 17(2) substitute—
“(2) The first condition is that—
(a)P has not submitted an application under regulation 3(1) of the 1999 Regulations by the end of the period of 6 months beginning on the day after IP completion day; and
(b)a period of 2 years and 6 months has passed since IP completion day.”.
(1)
S.I. 2019/341, amended by S.I. 2020/56.