F1PART 7Transitional and saving provision: exemption from the general prohibition
CHAPTER 6Exemption from the general prohibition: duration
Period during which regulation 47 is to apply66
For the purposes of regulation 48(2), the period is one that begins with the relevant day and ends—
a
in so far as a regulated activity in respect of which the exemption in regulation 47 has effect is carried on for—
i
the purpose of performing a contract of insurance, after fifteen years, or
ii
any other purpose, after five years,
beginning with the earlier of the day on which regulation 28, 34 or 47, as applicable, first applies to the person, or
b
if earlier, with the day—
i
on which a person to whom regulation 47 applies is given a decision notice in respect of a decision under regulation 55(1)(b) or (c);
ii
before the day on which the person ceases to be authorised, under the law of the person’s home state, to carry on an activity which is regulated by the person’s home state regulator.
Pt. 7 inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 3