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 55 is up to date with all changes known to be in force on or before 10 April 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.
Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
F1PART 7Transitional and saving provision: exemption from the general prohibition
CHAPTER 3Exemption from the general prohibition: regulation
Variation and cancellation of an exemption under regulation 4755.
(1)
In respect of a person to whom regulation 47 applies, a regulator may—
(a)
remove a regulated activity from those in respect of which the exemption has effect,
(b)
cancel the exemption and direct that regulation 28 is to apply to the person, or
(c)
cancel the exemption.
(2)
A regulator may only exercise the power in paragraph (1)(a) or (c), if it considers that the exercise of the power is necessary—
(a)
for the prevention, detection, investigation or prosecution of a criminal offence;
(b)
for the protection of consumers;
(c)
in order for the regulator to advance its objectives under Part 1A of the 2000 Act.
(3)
In exercising the power in paragraph (1)(b), the regulator must take into account—
(a)
the person’s conduct,
(b)
the practicality of supervision by a regulator,
(c)
the size of the person’s undertaking, and
(d)
the nature or extent of the regulated activity the person carries on.
(4)
Before exercising the power in paragraph (1)—
(a)
the PRA must consult the FCA;
(b)
the FCA must consult the PRA if, were the person to be an authorised person (within the meaning of section 31 of the 2000 Act), the person to whom regulation 47 applies would be carrying on one or more PRA-regulated activities (within the meaning of section 22A of the 2000 Act).