[F1 PART 7 U.K. Transitional and saving provision: exemption from the general prohibition

Textual Amendments

F1 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

CHAPTER 1 U.K. Exemption from the general prohibition

Conditions to be satisfied for regulation 47 to apply: persons to whom regulation 28 ceases to apply U.K.

50.   The conditions are that the person is one—

(a) to whom regulation 28 ceases to apply, in accordance with regulation 41(7),

(b) who, on regulation 28 ceasing to apply, is not authorised by virtue of section 31(1)(a) of the 2000 Act to carry on a regulated activity to which, immediately before regulation 28 ceases to apply, the person is permitted to carry on by virtue of that regulation,

(c) who, immediately before regulation 28 ceases to apply, is carrying on such an activity in the United Kingdom other than through an establishment in the United Kingdom, and

(d) who is the subject of a direction under section 55JA of the 2000 Act (inserted by regulation 43 in respect of persons to whom regulation 28 or 24 applies).]