Regulation 122 Article 4 (specified activities: general)

(1)

Article 4 (specified activities: general) is amended as follows.

(2)

In paragraph (4)^f1, for “credit institution” (in both places) substitute “qualifying credit institution”.

(3)

In paragraph (4A)^f2, in sub-paragraph (a), for “an EEA State” substitute “the United Kingdom”.

(4)

After that paragraph insert—

“(4AA)
In its application to any activity relating to a contract of insurance entered into before exit day, paragraph (4A)(a) has effect as if “or an EEA State” were inserted after “the United Kingdom.”.

(5)

In paragraph (4B)^f3, for “does not fall within Article 3(2) or (3) of the mortgages directive” substitute “neither relates to an agreement to which section 423A(3) of the Act applies nor falls within the scope of any of the derogations set out in Article 3(3) of the mortgages directive (as it had effect immediately before exit day)”.

(6)

In paragraph (5)^f4—

(a)

in the definition of “ancillary insurance intermediary”, after “Schedule 4” insert “, read with the modifications set out in paragraph 3 of Part 6^f5 of that Schedule”;

(b)

in the definition of “insurance distribution”, after “respectively” insert “, read with the modification set out in paragraph 4 of Part 6 of that Schedule”;

(c)

in the definition of “reinsurance distribution”, after “respectively” insert “, read with the modifications set out in paragraphs 2 and 4 of Part 6 of that Schedule”.

Annotations

Footnotes

f1: Paragraph (4) was substituted by S.I. 2006/3384 and was amended by S.I. 2017/488.
f2: Paragraph (4A) was substituted by S.I. 2018/546.
f3: Paragraph (4B) was inserted by S.I. 2015/910 and was amended by S.I. 2016/392.
f4: Paragraph (5) was substituted by S.I. 2018/546.
f5: Part 6 is inserted by these Regulations.