(1) The transition period for an overseas person begins with commencement.
(2) The transition period for an overseas person ends immediately after -
(a) the determination of its application in accordance with Article 17 or 25 of the EMIR regulation, or
(b) the end of the six month period specified in the second sub-paragraph of Article 89(3) of the EMIR regulation, if the overseas person has not made an application under Article 17 or 25 of the EMIR regulation before the end of that period.
(3) During the transition period for an overseas person, article 72 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 applies in relation to that overseas person as if it had not been amended by these Regulations.
(4) In this regulation, "overseas person" means an overseas person (within the meaning of article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 [S.I. 2001/544; the definition of "overseas person" in article 3(1) was ame
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