PART 2Amendments to the Act
CHAPTER 2Part 3 of the Act: authorisation and exemption
Section 39A (certain tied agents operating outside United Kingdom)I113
1
Section 39A M1 (certain tied agents operating outside United Kingdom) is amended as follows.
2
In subsection (1)(a), for the words after “who is” substitute “
established in the United Kingdom; and
”
.
3
In subsection (4), for the words after “Condition B is that” substitute “
the FCA is satisfied that no such business is, or is likely to be, carried on by the agent in the United Kingdom.
”
.
4
In subsection (6)(c) M2 omit sub-paragraph (ii).
5
In subsection (6)(d) M3 omit “or register”.
6
For subsection (8) M4 substitute—
8
Section 39(7) applies for the purposes of this section.
7
In subsection (9) omit the definition of “competent authority”M5.
8
The amendments made by paragraphs (2), (3) and (7) do not apply during the three-year transitional period in relation to contracts entered into before F1IP completion day.
9
In relation to such contracts, section 39A(6)(d) has effect during the three-year transitional period as if “or on the register of tied agents of an EEA State maintained pursuant to Article 29 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments” were inserted after “entered on that record”.