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 F5IP completion day36

1

The conditions are that the person is one—

a

who, immediately before F4IP completion 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 F2or, subject to paragraph (3), providing a payment service in the United Kingdom, whether through an establishment in the United Kingdom or otherwise,

b

who, immediately before F4IP completion 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 F4IP completion day, regulation 11 does not apply, and

d

who, on F4IP completion 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.

F33

The reference to providing a payment service in paragraph (1)(a)(ii) applies only to a credit institution which was providing the service in the United Kingdom immediately before F4IP completion day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before F4IP completion day.