The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 No. 1149

PART 3 U.K. Transitional and saving provision: applications for permission to carry on a regulated activity

CHAPTER 2 U.K. Temporary permission to carry on a regulated activity

Deemed permission under Part 4A of the Financial Services and Markets Act 2000 U.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 [F1 IP 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

F1 Words 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)

Modifications etc. (not altering text)

C1 Reg. 8 applied (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 36(1)(3) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

Application of regulation 8 U.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 apply U.K.

10.  The conditions are that, immediately before [F2 IP 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,[F4 and

(c) is not a Gibraltar firm.]

Textual Amendments

F2 Words 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)

F3 Word 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)

F4 Reg. 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)