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EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 [SI 2018 No. 1149]Introductory TextPart 1 General provision (reg. 1)Regulation 1 Citation, commencement and interpretationPart 2 Repeal of passport rights, etc., under Part 3 of the Financial Services and Markets Act 2000 (regs. 2-4)Regulation 2 Repeal of passport rights, etc.Regulation 3 Consequential amendmentsRegulation 4 Saving provision: taxPart 3 Transitional and saving provision: applications for permission to carry on a regulated activity (regs. 4-21)Chapter 1 Modifications of Part 4A of the Financial Services and Markets Act 2000 (regs. 5-7)Regulation 5 Persons to whom the modifications of Part 4A of the Financial Services and Markets Act 2000 applyRegulation 6 Modifications of Part 4A of the Financial Services and Markets Act 2000Regulation 7 Persons who cease to be authorised to carry on a regulated activity before IP completion dayChapter 2 Temporary permission to carry on a regulated activity (regs. 8-10)Regulation 8 Deemed permission under Part 4A of the Financial Services and Markets Act 2000Regulation 9 Application of regulation 8Regulation 10 Conditions to be satisfied for regulation 8 to applyChapter 3 Temporary variation to carry on additional regulated activity (regs. 11-13)Regulation 11 Deemed variation under Part 4A of the Financial Services and Markets Act 2000Regulation 12 Application of regulation 11Regulation 13 Conditions to be satisfied for regulation 11 to applyChapter 4 Temporary permission and variation: procedure, etc. (regs. 14-16)Regulation 14 Steps to be taken before IP completion day: application or notificationRegulation 15 Regulator's responseRegulation 16 Further information to be supplied by a person to whom regulation 8 or 11 appliesChapter 5 Temporary permission and variation: duration (reg. 17)Regulation 17 Period during which regulation 8 or 11 is to applyChapter 6 Savings (regs. 18-19)Regulation 18 Requirements imposed by a domestic regulatorRegulation 19 Requirements imposed by a home state regulatorChapter 7 General provision (regs. 20-21)Regulation 20 DirectionsRegulation 21 InterpretationPart 4 Transitional provision: miscellaneous (regs. 22-26)Regulation 22 Persons to whom the modifications in regulations 23 to 25 applyRegulation 23 Performance of regulated activities - modifications of Part 5 of the Financial Services and Markets Act 2000Regulation 24 Financial Services Compensation Scheme - modifications of Part 15 of the Financial Services and Markets Act 2000Regulation 25 Insurance and reinsurance - modification of Part 4 of the Solvency 2 Regulations 2015Regulation 26 Persons who cease to be authorised to carry on a regulated activity before IP completion dayPart 5 Power to amend time limits (reg. 27)Regulation 27 Power to amend time limits imposed by modifications under Parts 3 and 4 of these RegulationsPart 6 Transitional and saving provision: limited permission to carry on a regulated activity (regs. 28-46)Chapter 1 Temporary limited permission to carry on a regulated activity (regs. 28-33)Regulation 28 Deemed permission under Part 4A of the Financial Services and Markets Act 2000Regulation 29 Application of regulation 28Regulation 30 Conditions to be satisfied for regulation 28 to apply: persons who cease to be authorised on IP completion dayRegulation 31 Conditions to be satisfied for regulation 28 to apply: persons to whom regulation 8 ceases to applyRegulation 32 Conditions to be satisfied for regulation 28 to apply: persons to whom regulation 47 ceases to applyRegulation 33 Regulated activities to which regulation 28 appliesChapter 2 Temporary limited variation to carry on additional regulated activity (regs. 34-40)Regulation 34 Deemed variation under Part 4A of the Financial Services and Markets Act 2000Regulation 35 Application of regulation 34Regulation 36 Conditions to be satisfied for regulation 34 to apply: persons who cease to be authorised on IP completion dayRegulation 37 Conditions to be satisfied for regulation 34 to apply: persons to whom regulation 8 ceases to applyRegulation 38 Conditions to be satisfied for regulation 34 to apply: persons to whom regulation 11 ceases to applyRegulation 39 Conditions to be satisfied for regulation 34 to apply: persons to whom regulation 28 ceases to applyRegulation 40 Regulated activities to which regulation 34 appliesChapter 3 Temporary limited permission and variation: duration (reg. 41)Regulation 41 Period during which regulation 28 or 34 is to applyChapter 4 Modifications of the Financial Services and Markets Act 2000 (regs. 42-43)Regulation 42 Modifications of Part 2 of the Financial Services and Markets Act 2000Regulation 43 Modifications of Part 4A of the Financial Services and Markets Act 2000Chapter 5 Savings (regs. 44-45)Regulation 44 Requirements imposed by a domestic regulatorRegulation 45 Requirements imposed by a home state regulatorChapter 6 Interpretation of Part 6 (reg. 46)Regulation 46 InterpretationPart 7 Transitional and saving provision: exemption from the general prohibition (regs. 47-68)Chapter 1 Exemption from the general prohibition (regs. 47-52)Regulation 47 Exemption from the general prohibition under Part 2 of the Financial Services and Markets Act 2000Regulation 48 Application of regulation 47Regulation 49 Conditions to be satisfied for regulation 47 to apply: persons who cease to be authorised on IP completion dayRegulation 50 Conditions to be satisfied for regulation 47 to apply: persons to whom regulation 28 ceases to applyRegulation 51 Conditions to be satisfied for regulation 47 to apply: persons to whom regulation 34 ceases to applyRegulation 52 Regulated activities to which regulation 47 has effectChapter 2 Exemption from the general prohibition: procedure, etc. (regs. 53-54)Regulation 53 Notification by a person to whom regulation 47 appliesRegulation 54 Information to be supplied by a person to whom regulation 47 appliesRegulation 54A. Information to be supplied to a party to a contract with a person to whom regulation 47 appliesChapter 3 Exemption from the general prohibition: regulation (regs. 55-62)Regulation 55 Variation and cancellation of an exemption under regulation 47Regulation 56 Variation and cancellation: procedureRegulation 57 Variation and cancellation: appealRegulation 58 Restriction on financial promotionRegulation 59 Product intervention rulesRegulation 60 Information gatheringRegulation 61 Publication of information provided under regulation 54 or 55Regulation 62 Public censureChapter 4 Exemption from the general prohibition: fees (reg. 63)Regulation 63 Power to charge feesChapter 5 Exemption from the general prohibition: regulator functions (regs. 64-65)Regulation 64 Disapplication of supervision, etc., requirementsRegulation 65 Exemption from liability in damagesChapter 6 Exemption from the general prohibition: duration (reg. 66)Regulation 66 Period during which regulation 47 is to applyChapter 7 General provision (regs. 67-68)Regulation 67 DirectionsRegulation 68 Interpretation of Part 7Part 8 Transitional provision: miscellaneous (regs. 69-72)Regulation 69 Performance of regulated activitiesRegulation 70 Financial Services Compensation Scheme: a person to whom regulation 28 or 34 appliesRegulation 71 Financial Services Compensation Scheme: a person to whom regulation 47 appliesRegulation 72 Insurance and reinsurance modification of Part 4 of the Solvency 2 Regulations 2015Part 9 Power to amend the duration of transitional and saving provision under Parts 6 and 7 (reg. 73)Regulation 73 Power to amend the duration of transitional and saving provisionSchedule - Repeal of passport rights - consequential amendmentsSchedule, Part 1 The Financial Services and Markets Act 2000 (c. 8) (paras. 1-23)Schedule, Part 2 Other primary legislation (paras. 24-44)Schedule, Part 3 Secondary legislation (paras. 45-94)SignatureExplanatory NoteExplanatory Memorandum
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 March 2019 - onwards

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

(1) The conditions are that the person is one -

(a) to whom regulation 11 ceases to apply, in accordance with regulation 17,

(b) who, on that regulation ceasing to apply, is not authorised to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act that the person is, immediately before that regulation ceases to apply, permitted to carry on by virtue of that regulation, and

(c) who, immediately before that regulation ceases to apply, is carrying on a regulated activity in the United Kingdom which is not, on that regulation ceasing to apply, a regulated activity the person is authorised to carry on by virtue of section 31(1)(a) of the 2000 Act.

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