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—

    1. a

      an enactment contained in—

      1. i

        an Act, or

      2. ii

        subordinate legislation (within the meaning of the Interpretation Act 1978),

    2. b

      an enactment which is retained direct EU legislation, or

    3. c

      an enactment contained in, or in an instrument made under, Northern Ireland legislation;

  • “excluded obligation”, in relation to a regulator, means—

    1. a

      an obligation to satisfy the threshold conditions in relation to a regulated activity, or

    2. b

      an obligation imposed by or under rules made under section 64A or 137O of the Act398;

  • “exit instrument” means—

    1. a

      regulations under section 8 of the European Union (Withdrawal) Act 2018, or

    2. b

      an instrument under regulation 3 of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018399;

  • “regulated activity” and “threshold conditions” have the same meaning as in the Act (see, in particular, sections 22 and 55B)400.