[F1PART 6U.K.Transitional and saving provision: limited permission to carry on a regulated activity

Textual Amendments

46. For the purpose of this Part—

“contract of insurance” has the same meaning as in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;

“establishment” means a branch;

“home state regulator” has the meaning given by regulation 21;

[F2“payment service” has the same meaning as in regulation 2 of the Payment Services Regulations 2017;]

“pre-existing contract” means a contract entered into before—

(a)

in the case of a person who satisfies the conditions in regulation 32 or 39, the earlier of—

(i)

the day on which regulation 47 first applies to the person, or

(ii)

where applicable, the day on which regulation 28 or 34 first applies to the person;

(b)

in any other case, the relevant day;

“regulated activity” has the same meaning as in section 22 of the 2000 Act;

“regulator” means the Financial Conduct Authority or the Prudential Regulation Authority;

“relevant day” means—

(a)

in the case of a person who satisfies the conditions in regulation 30 or 36, [F3IP completion day];

(b)

in the case of a person who satisfies the conditions in regulation 31 or 37, the day on which regulation 8 ceases to apply;

(c)

in the case of a person who satisfies the conditions in regulation 32, the earlier of—

(i)

the day on which regulation 47 first applies to the person, or

(ii)

where applicable, the day on which regulation 28 or 34 first applies to the person;

(d)

in the case of a person who satisfies the conditions in regulation 38, the day on which regulation 11 ceases to apply;

(e)

in the case of a person to whom regulation 39 applies, the earlier of—

(i)

the day on which regulation 28 or 34 first applies to the person, or

(ii)

where applicable, the day on which regulation 47 first applies to the person.]

Textual Amendments