The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001

Investment business carried on overseas before commencement

10.—(1) A person (“A”) who was, immediately before commencement—

(a) authorised under the Financial Services Act; and

(b) carrying on overseas investment business,

is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where he carried on that overseas investment business.

(2) In this article—

• “corresponding overseas regulated activities” means regulated activities which—

  (a)

  A carries on after commencement by virtue of continuing to carry on his overseas investment business; and

  (b)

  A is regarded as carrying on in the United Kingdom by virtue of section 418;

• “overseas investment business” means business which—

  a)

  was investment business within the meaning of section 1(2) of the Financial Services Act;

  b)

  A was carrying on in a country or territory outside the United Kingdom without contravening regulation 20 of the ISD Regulations or any relevant rules.

(3) For the purposes of paragraph (2) “relevant rules” in relation to a person means such of the following rules as were applicable to him immediately before commencement—

(a) rules under section 48(2)(a) or (b) of the Financial Services Act;

(b) rules of a recognised self-regulating organisation made pursuant to section 10(3) of the Financial Services Act or of a kind falling within article 35(6);

(c) rules of a recognised professional body of the kind described in section 18(3) of the Financial Services Act.