PART IIRECOGNITION OF EUROPEAN INSTITUTIONS

Effect of recognition

Authorisations and licences not required5

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 Act19 (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.