F1PART 7Transitional and saving provision: exemption from the general prohibition
CHAPTER 2Exemption from the general prohibition: procedure, etc.
F2Information to be supplied to a party to a contract with a person to whom regulation 47 applies54A
1
A person to whom regulation 47 applies must notify each party to a pre-existing contract with the person that the person is—
a
an exempt person for the purposes of section 19(1)(b) of the 2000 Act, and
b
not regulated by the FCA or the PRA.
2
The notification must be made as soon as reasonably practicable following the day on which regulation 47 first applies to the person.
3
A person to whom regulation 47 applies must notify each party to a pre-existing contract with the person if there is a material change, on or after IP completion day, in respect of—
a
the protection afforded to assets held by the person in relation to the performance of the contract,
b
the mechanisms for resolving disputes in connection with the contract, or
c
the schemes available for compensation in relation to the contract.
4
The relevant regulator may issue guidance in respect of compliance with an obligation under this regulation.
5
For the purposes of paragraph (4), reference to the relevant regulator is a reference to—
a
the FCA;
b
in a case where the regulated activities to which regulation 47 has effect consist of or include a PRA-regulated activity (within the meaning of section 22A of the 2000 Act), the PRA.
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