Legislation – The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018
Changes to legislation:
The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018, Section 30 is up to date with all changes known to be in force on or before 17 December 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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F1PART 6Transitional and saving provision: limited permission to carry on a regulated activity
CHAPTER 1Temporary limited permission to carry on a regulated activity
Conditions to be satisfied for regulation 28 to apply: persons who cease to be authorised on F2IP completion day30.
(1)
The conditions are that the person is one—
(a)
who, immediately before F3IP completion day—
(i)
is authorised to carry on a regulated activity in the United Kingdom by virtue of section 31(1)(b) or (c) of the 2000 Act, and
(ii)
is carrying on such an activity F4or, subject to paragraph (3), providing a payment service in the United Kingdom through an establishment in the United Kingdom,
F5(aa)
who is not a Gibraltar firm,
(b)
who, immediately before F3IP completion day, is not authorised to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act,
(c)
who, on F3IP completion day, is not authorised to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act, and
(d)
to whom, on F3IP completion day, regulation 8 does not apply.
(2)
In this regulation—
(a)
reference to carrying on a regulated activity at a particular time includes where the performance of a pre-existing contract requires, or may require, a regulated activity to be carried on at another time;
(b)
reference to authorisation to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act does not include such an authorisation by virtue of regulation 28.
F6(3)
The reference to providing a payment service in paragraph (1)(a)(ii) applies only to a credit institution which was providing the service through an establishment in the United Kingdom immediately before F3IP completion day in accordance with the exercise of an EEA passport right under Title 5 of Directive 2013/36/EU as in force immediately before F3IP completion day.