Legislation – The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018

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Introduction

PART 1
General provision

1 Citation, commencement and interpretation

PART 2
Repeal of passport rights, etc., under Part 3 of the Financial Services and Markets Act 2000

2 Repeal of passport rights, etc.

3 Consequential amendments

4 Saving provision: tax

PART 3
Transitional and saving provision: applications for permission to carry on a regulated activity

CHAPTER 1 Modifications of Part 4A of the Financial Services and Markets Act 2000

5 Persons to whom the modifications of Part 4A of the Financial Services and Markets Act 2000 apply

6 Modifications of Part 4A of the Financial Services and Markets Act 2000

7 Persons who cease to be authorised to carry on a regulated activity before IP completion day

CHAPTER 2 Temporary permission to carry on a regulated activity

8 Deemed permission under Part 4A of the Financial Services and Markets Act 2000

9 Application of regulation 8

10 Conditions to be satisfied for regulation 8 to apply

CHAPTER 3 Temporary variation to carry on additional regulated activity

11 Deemed variation under Part 4A of the Financial Services and Markets Act 2000

12 Application of regulation 11

13 Conditions to be satisfied for regulation 11 to apply

CHAPTER 4 Temporary permission and variation: procedure, etc.

14 Steps to be taken before IP completion day: application or notification

15 Regulator’s response

16 Further information to be supplied by a person to whom regulation 8 or 11 applies

CHAPTER 5 Temporary permission and variation: duration

17 Period during which regulation 8 or 11 is to apply

CHAPTER 6 Savings

18 Requirements imposed by a domestic regulator

19 Requirements imposed by a home state regulator

CHAPTER 7 General provision

20 Directions

21 Interpretation

PART 4
Transitional provision: miscellaneous

22 Persons to whom the modifications in regulations 23 to 25 apply

23 Performance of regulated activities – modifications of Part 5 of the Financial Services and Markets Act 2000

24 Financial Services Compensation Scheme – modifications of Part 15 of the Financial Services and Markets Act 2000

25 Insurance and reinsurance – modification of Part 4 of the Solvency 2 Regulations 2015

26 Persons who cease to be authorised to carry on a regulated activity before IP completion day

PART 5
Power to amend time limits

27 Power to amend time limits imposed by modifications under Parts 3 and 4 of these Regulations

PART 6
Transitional and saving provision: limited permission to carry on a regulated activity

CHAPTER 1 Temporary limited permission to carry on a regulated activity

28 Deemed permission under Part 4A of the Financial Services and Markets Act 2000

29 Application of regulation 28

30 Conditions to be satisfied for regulation 28 to apply: persons who cease to be authorised on IP completion day

31 Conditions to be satisfied for regulation 28 to apply: persons to whom regulation 8 ceases to apply

32 Conditions to be satisfied for regulation 28 to apply: persons to whom regulation 47 ceases to apply

33 Regulated activities to which regulation 28 applies

CHAPTER 2 Temporary limited variation to carry on additional regulated activity

34 Deemed variation under Part 4A of the Financial Services and Markets Act 2000

35 Application of regulation 34

36 Conditions to be satisfied for regulation 34 to apply: persons who cease to be authorised on IP completion day

37 Conditions to be satisfied for regulation 34 to apply: persons to whom regulation 8 ceases to apply

38 Conditions to be satisfied for regulation 34 to apply: persons to whom regulation 11 ceases to apply

39 Conditions to be satisfied for regulation 34 to apply: persons to whom regulation 28 ceases to apply

40 Regulated activities to which regulation 34 applies

CHAPTER 3 Temporary limited permission and variation: duration

41 Period during which regulation 28 or 34 is to apply

CHAPTER 4 Modifications of the Financial Services and Markets Act 2000

42 Modifications of Part 2 of the Financial Services and Markets Act 2000

43 Modifications of Part 4A of the Financial Services and Markets Act 2000

CHAPTER 5 Savings

44 Requirements imposed by a domestic regulator

45 Requirements imposed by a home state regulator

CHAPTER 6 Interpretation of Part 6

46 Interpretation

PART 7
Transitional and saving provision: exemption from the general prohibition

CHAPTER 1 Exemption from the general prohibition

47 Exemption from the general prohibition under Part 2 of the Financial Services and Markets Act 2000

48 Application of regulation 47

49 Conditions to be satisfied for regulation 47 to apply: persons who cease to be authorised on IP completion day

50 Conditions to be satisfied for regulation 47 to apply: persons to whom regulation 28 ceases to apply

51 Conditions to be satisfied for regulation 47 to apply: persons to whom regulation 34 ceases to apply

52 Regulated activities to which regulation 47 has effect

CHAPTER 2 Exemption from the general prohibition: procedure, etc.

53 Notification by a person to whom regulation 47 applies

54 Information to be supplied by a person to whom regulation 47 applies

54A Information to be supplied to a party to a contract with a person to whom regulation 47 applies

CHAPTER 3 Exemption from the general prohibition: regulation

55 Variation and cancellation of an exemption under regulation 47

56 Variation and cancellation: procedure

57 Variation and cancellation: appeal

58 Restriction on financial promotion

59 Product intervention rules

60 Information gathering

61 Publication of information provided under regulation 54 or 55

62 Public censure

CHAPTER 4 Exemption from the general prohibition: fees

63 Power to charge fees

CHAPTER 5 Exemption from the general prohibition: regulator functions

64 Disapplication of supervision, etc., requirements

65 Exemption from liability in damages

CHAPTER 6 Exemption from the general prohibition: duration

66 Period during which regulation 47 is to apply

CHAPTER 7 General provision

67 Directions

68 Interpretation of Part 7

PART 8
Transitional provision: miscellaneous

69 Performance of regulated activities

70 Financial Services Compensation Scheme: a person to whom regulation 28 or 34 applies

71 Financial Services Compensation Scheme: a person to whom regulation 47 applies

72 Insurance and reinsurance – modification of Part 4 of the Solvency 2 Regulations 2015

PART 9
Power to amend the duration of transitional and saving provision under Parts 6 and 7

73 Power to amend the duration of transitional and saving provision

SCHEDULES

SCHEDULE Consequential amendments

Signature

Explanatory note

Changes to legislation:

The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018, CHAPTER 2 is up to date with all changes known to be in force on or before 27 March 2026. 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. Help about Changes to Legislation

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PART 3Transitional and saving provision: applications for permission to carry on a regulated activity

CHAPTER 2Temporary permission to carry on a regulated activity

Deemed permission under Part 4A of the Financial Services and Markets Act 20008.

(1)

A person to whom this regulation applies shall be treated as if the person has permission to carry on a regulated activity in the United Kingdom under Part 4A of the 2000 Act.

(2)

The regulated activity a person is permitted to carry on by virtue of this regulation is one which, immediately before F1IP completion day, the person is authorised to carry on in the United Kingdom by virtue of section 31(1)(b) or (c) of the 2000 Act.

(3)

Reference in an enactment to a person with permission under Part 4A of the 2000 Act (however expressed) is to be read, unless the contrary intention appears, as including a person treated as having permission to carry on a regulated activity under that Part by virtue of this regulation.

(4)

Accordingly, a power of a regulator under the 2000 Act is exercisable in respect of such a person, and a regulated activity the person is permitted to carry on by virtue of this regulation, as it is in respect of a person with permission under Part 4A of that Act, and a regulated activity the person is permitted to carry on by virtue of Part 4A of that Act.

(5)

Such a power is exercisable in relation to, in particular—

(a)

the variation or cancellation of a permission to carry on a regulated activity, or

(b)

the imposition of requirements, prohibitions or restrictions on a person who has such a permission.

Application of regulation 89.

(1)

Regulation 8 applies to a person who—

(a)

satisfies the conditions in regulation 10, and

(b)

has taken one of the steps set out in regulation 14.

(2)

Regulation 8 applies to such a person for the period determined in accordance with regulation 17.

Conditions to be satisfied for regulation 8 to apply10.

The conditions are that, immediately before F2IP completion day, the person—

(a)

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, F3…

(b)

is not authorised to carry on a regulated activity by virtue of section 31(1)(a) of that Act,F4and

(c)

is not a Gibraltar firm.