F1PART 6Transitional and saving provision: limited permission to carry on a regulated activity

Annotations:
Amendments (Textual)

CHAPTER 1Temporary limited permission to carry on a regulated activity

Regulated activities to which regulation 28 applies33

1

A regulated activity a person is permitted to carry on by virtue of regulation 28 is one—

a

which is necessary for the performance of a pre-existing contract,

b

which is a carried on for the purposes of performing such a contract, and

c

to which paragraph (2) applies.

2

This paragraph applies to a regulated activity—

a

in the case of a person who satisfies the conditions in regulation 30, which the person is, immediately before F2IP completion day, authorised to carry on in the United Kingdom by virtue of section 31(1)(b) or (c) of the 2000 Act;

b

in the case of a person who satisfies the conditions in regulation 31, which the person is, immediately before the day on which regulation 8 ceases to apply, permitted to carry on in the United Kingdom by virtue of that regulation;

c

in the case of a person who satisfies the conditions in regulation 32, in respect of which the person is, immediately before regulation 47 ceases to apply, an exempt person by virtue of that regulation.

3

For the purposes of paragraph (1), the performance of a pre-existing contract includes the performance of an obligation under the contract which is contingent or conditional.

4

The person is also permitted to carry on a regulated activity which is necessary—

a

for the purposes of reducing the financial risk of—

i

a party to a pre-existing contract, or

ii

a third-party affected by the performance of a pre-existing contract;

b

in order to transfer the property, rights or liabilities under a pre-existing contract to a person authorised to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act (other than by virtue of these Regulations);

c

in order to comply with a requirement imposed by or under an enactment.

5

A person is only permitted to carry on a regulated activity in so far as is necessary for the purposes specified in paragraph (1) or (3).

6

This regulation is subject to the power of a regulator to vary or cancel a permission under Part 4A of the 2000 Act.