11.—(1) A person to whom this regulation applies shall be treated as if the person's permission to carry on a regulated activity in the United Kingdom under Part 4A of the 2000 Act were varied.
(2) The variation is that the regulated activity the person is permitted to carry on includes 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's permission under Part 4A of the 2000 Act (however expressed) is to be read, unless the contrary intention appears, as including a regulated activity which is included in the person's permission 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 the person, and a regulated activity the person is, immediately before [F1IP completion day], 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. 11 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2)(f)
Modifications etc. (not altering text)
C1Reg. 11 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)