F1PART 7Transitional and saving provision: exemption from the general prohibition
CHAPTER 1Exemption from the general prohibition
Conditions to be satisfied for regulation 47 to apply: persons who cease to be authorised on exit day49
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 F3or, subject to paragraph (3), providing a payment service in the United Kingdom other than through an establishment in the United Kingdom,
F2aa
who is not a Gibraltar firm,
b
who, on exit day, is not authorised to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act, and
c
to whom regulation 8 does not apply.
2
In this regulation, 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.
F43
The reference to providing a payment service in paragraph (a)(ii) applies only to a credit institution which was providing the service in the United Kingdom immediately before exit day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before exit day.
Pt. 7 inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 3