[F1PART 7U.K.Transitional and saving provision: exemption from the general prohibition

Textual Amendments

CHAPTER 1U.K.Exemption from the general prohibition

Conditions to be satisfied for regulation 47 to apply: persons who cease to be authorised on exit dayU.K.

49.  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 [F2or, subject to paragraph (3), providing a payment service] in the United Kingdom other than through an establishment in the United Kingdom,

[F3(aa)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.]

[F4(3) 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.]

Textual Amendments