PART 7Transitional Powers of the Financial Regulators
Meaning of “relevant obligation”199
1
An obligation is a “relevant obligation”, in relation to a regulator and a person, if—
a
the obligation is imposed by or under an enactment,
b
the obligation is not an excluded obligation,
c
the regulator has responsibility for supervising, or has other functions relating to, the person’s compliance with the obligation, and
d
as a result of the operation of an exit instrument, the obligation—
i
begins to apply in the person’s case, or
ii
applies in the person’s case differently from how it would, but for the exit instrument, apply in the person’s case.
2
In this regulation—
“enactment” means—
- a
an enactment contained in—
- i
an Act, or
- ii
subordinate legislation (within the meaning of the Interpretation Act 1978),
- i
- b
an enactment which is retained direct EU legislation, or
- c
an enactment contained in, or in an instrument made under, Northern Ireland legislation;
- a
“excluded obligation”, in relation to a regulator, means—
- a
an obligation to satisfy the threshold conditions in relation to a regulated activity, or
- b
an obligation imposed by or under rules made under section 64A or 137O of the Act398;
- a
“exit instrument” means—
- a
regulations under section 8 of the European Union (Withdrawal) Act 2018, or
- b
an instrument under regulation 3 of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018399;
- a
“regulated activity” and “threshold conditions” have the same meaning as in the Act (see, in particular, sections 22 and 55B)400.