(1) A SPRV authorisation authorises its holder to carry on in the State and in every other Member State the kind or kinds of business specified in the authorisation, subject to compliance with the requirements imposed by or under these Regulations and any other restrictions imposed by law.
(2) The fact that the Bank has granted a SPRV authorisation in respect of an entity does not of itself make the Bank liable for any financial loss incurred by a person -
(a) because the SPRV, or any officer, employee or agent of the SPRV, has contravened or failed to comply with a provision of these Regulations, or any condition of the authorisation, or
(b) because the SPRV has become subject to an insolvency process, such as winding up or bankruptcy.
(3) An authorisation granted under these Regulations remains in force until it is cancelled under this Part.
(4) A SPRV authorisation granted, or taken to have been granted, to a SPRV in accordance with a corresponding law of another Member State also a
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