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.