PART 6Exceptions and licences
Treasury licences26
In regulation 32,—
a
after paragraph (1), insert—
1A
The prohibitions in regulation 15B (loans and credit) do not apply to anything done under the authority of a licence issued by the Treasury under this paragraph.
1B
The prohibition in regulation 15C (insurance and reinsurance services) does not apply to anything done under the authority of a licence issued by the Treasury under this paragraph.
b
in paragraph (2)—
i
after “may issue a licence”, insert “under paragraph (1)”,
ii
after “for a purpose set out in”, insert “Part 1 of”;
c
after paragraph (2), insert—
3
The Treasury may issue a licence under paragraph (1A) which authorises acts by a particular person only where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 2 of Schedule 3.
4
The Treasury may issue a licence under paragraph (1B) which authorises acts by a particular person only where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 3 of Schedule 3.