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The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018
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- UK Statutory Instruments
- 2018 No. 1149
- PART 3
- CHAPTER 2
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Changes over time for: CHAPTER 2
Version Superseded: 31/12/2020
Alternative versions:
- 07/11/2018- Amendment
- 16/03/2019- Amendment
- 31/01/2020- Amendment
- 31/01/2020
Point in time - 31/12/2020- Amendment
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Point in time view as at 31/01/2020.
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The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018, CHAPTER 2 is up to date with all changes known to be in force on or before 05 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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CHAPTER 2U.K.Temporary permission to carry on a regulated activity
Deemed permission under Part 4A of the Financial Services and Markets Act 2000U.K.
8.—(1) A person to whom this regulation applies shall be treated as if the person has permission to carry on a regulated activity in the United Kingdom under Part 4A of the 2000 Act.
(2) The regulated activity a person is permitted to carry on by virtue of this regulation is one which, immediately before [F1IP completion day], the person is authorised to carry on in the United Kingdom by virtue of section 31(1)(b) or (c) of the 2000 Act.
(3) Reference in an enactment to a person with permission under Part 4A of the 2000 Act (however expressed) is to be read, unless the contrary intention appears, as including a person treated as having permission to carry on a regulated activity under that Part by virtue of this regulation.
(4) Accordingly, a power of a regulator under the 2000 Act is exercisable in respect of such a person, and a regulated activity the person is permitted to carry on by virtue of this regulation, as it is in respect of a person with permission under Part 4A of that Act, and a regulated activity the person is permitted to carry on by virtue of Part 4A of that Act.
(5) Such a power is exercisable in relation to, in particular—
(a)the variation or cancellation of a permission to carry on a regulated activity, or
(b)the imposition of requirements, prohibitions or restrictions on a person who has such a permission.
Textual Amendments
F1Words in reg. 8 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2)(d)
Application of regulation 8U.K.
9.—(1) Regulation 8 applies to a person who—
(a)satisfies the conditions in regulation 10, and
(b)has taken one of the steps set out in regulation 14.
(2) Regulation 8 applies to such a person for the period determined in accordance with regulation 17.
Conditions to be satisfied for regulation 8 to applyU.K.
10. The conditions are that, immediately before [F2IP completion day], the person—
(a)is authorised to carry on a regulated activity in the United Kingdom by virtue of section 31(1)(b) or (c) of the 2000 Act, F3...
(b)is not authorised to carry on a regulated activity by virtue of section 31(1)(a) of that Act,[F4and
(c)is not a Gibraltar firm.]
Textual Amendments
F2Words in reg. 10 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2)(e)
F3Word in reg. 10(a) omitted (16.3.2019) by virtue of The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/589), regs. 1(2), 11(3)(a)
F4Reg. 10(c) and preceding word inserted (16.3.2019) by The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/589), regs. 1(2), 11(3)(b)
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