Regulation 2 Cessation of temporary designation

The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019^f1 are amended as follows.

In regulation 16(2) at the beginning insert, “Subject to regulation 17,”.

For regulation 17(2) substitute—

“(2)

The first condition is that—

(a)

P has not submitted an application under regulation 3(1) of the 1999 Regulations by the end of the period of 6 months beginning on the day after IP completion day; and

(b)

a period of 2 years and 6 months has passed since IP completion day.”.