10. In article 16 (transitional provision: structured deposits) of the Financial Services and Markets Act (Regulated Activities) (Amendment) Order 2017(1)—
(a)in paragraph (1)(a) for “3rd January 2018” substitute “1st April 2018”; and
(b)after paragraph (2) insert—
“(2A) Notwithstanding article 15, paragraph (2B) applies where—
(a)an EEA firm gives notice to the appropriate regulator before 1st April 2018, in such form as the appropriate regulator directs, that the EEA firm wishes to carry on a permitted activity in relation to structured deposits;
(b)the appropriate regulator acknowledges receipt of the notice in writing; and
(c)the EEA firm—
(i)immediately before 3rd January 2018 had permission under paragraph 15 of Schedule 3 (EEA passport rights) to the Act to carry on the permitted activity to which the notice under sub-paragraph (a) relates;
(ii)the EEA firm’s permission under paragraph 15 of Schedule 3 to the Act does not permit it to carry on the permitted activity in relation to structured deposits after 3rd January 2018; and
(iii)the EEA firm is not, or would not be, otherwise entitled to carry on the permitted activity in exercise of an EEA right, whether through a United Kingdom branch or by providing services in the United Kingdom.
(2B) The EEA firm is to be treated, from 3rd January 2018 (or the date of acknowledgement of receipt, if later), as having a Part 4A permission to carry on any permitted activity to which the notice under paragraph (2A)(a) relates in relation to structured deposits.”.
Commencement Information
I1Reg. 10 in force at 2.1.2018, see reg. 2(a)