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

Annotations:
Amendments (Textual)

CHAPTER 2Temporary limited variation to carry on additional regulated activity

Conditions to be satisfied for regulation 34 to apply: persons who cease to be authorised on exit day36

1

The conditions are that the person is one—

a

who, immediately before exit day—

i

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, and

ii

is carrying on such an activity in the United Kingdom, whether through an establishment in the United Kingdom or otherwise,

b

who, immediately before exit day, is also authorised to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act,

c

to whom, on exit day, regulation 11 does not apply, and

d

who, on exit day, is not authorised to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act, in respect of the regulated activities which, immediately before that day, the person is carrying on by virtue of section 31(1)(b) or (c) of the 2000 Act.

2

In this regulation—

a

reference to carrying on a regulated activity at a particular time includes where the performance of a pre-existing contract requires, or may require, a regulated activity to be carried on at another time;

b

reference to authorisation to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act does not include such an authorisation by virtue of regulation 34.