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 6 U.K. Savings

Requirements imposed by a domestic regulator U.K.

18.—(1) A requirement imposed by a regulator in accordance with section 196 of the 2000 Act (power of intervention) and which has effect immediately before [F1 IP completion day] continues to have effect on and after [F1 IP completion day] in respect of a person to whom regulation 8 or 11 applies as if it were imposed by the regulator under—

(a) section 55L (imposition of requirements by FCA) of that Act, or

(b) section 55M (imposition of requirements by PRA) of that Act.

(2) In respect of a person to whom regulation 8 or 11 applies—

(a) the FCA may exercise its power under section 55L(3) of the 2000 Act, and

(b) the PRA may exercise its power under section 55M(3) of that Act,

if it appears that, immediately before [F1 IP completion day], the circumstances set out in section 194(1)(a) or (b) of that Act are satisfied in respect of the person.

(3) Paragraph (2) is without prejudice to section 55L(2) or 55M(2) of the 2000 Act.

Textual Amendments

F1 Words in reg. 18 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2)(k)

Requirements imposed by a home state regulator U.K.

19.—(1) A requirement imposed by a home state regulator and which has effect immediately before [F2 IP completion day] continues to have effect on and after that day in respect of a person to whom regulation 8 or 11 applies as if it were imposed by a regulator under—

(a) section 55L (imposition of requirements by FCA) of the 2000 Act, or

(b) section 55M (imposition of requirements by PRA) of that Act.

(2) The requirement only has effect in so far as it could have been imposed by a regulator under those sections.

Textual Amendments

F2 Words in reg. 19 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2)(l)