(This note is not part of the Regulations)

These Regulations repeal EEA Passport Rights under Schedule 3 to the Financial Services and Markets Act 2000 (c. 8) ("the 2000 Act") and Treaty Rights under Schedule 4 to that Act. A person with an EEA Passport Right or a Treaty Right is one who is authorised in the person's home EEA state to carry on a regulated activity and, as a result, may become authorised to carry on a regulated activity (see section 22 of the 2000 Act) in the United Kingdom. Reciprocal arrangements are provided by European Union member states.

These reciprocal arrangements will cease when the United Kingdom ceases to be a member of the European Union, and it is not considered appropriate that a person should thereafter carry on a regulated activity in the United Kingdom unless the person is authorised by a domestic financial services regulator. Accordingly, these arrangements represent a deficiency in retained EU law (see section 8(2)(c) of the European Union (Withdrawal) Act 2018 (c. 16)).

These Regulations also make transitional provision so that a person who ceases to be authorised to carry on a regulated activity in the United Kingdom by virtue of an EEA Passport Right or a Treaty Right may continue, for a limited time, to carry on such an activity.

In these Regulations:

- Part 1 makes general provision as to citation, commencement and interpretation;