OpenLegislation

Regulation 51 Interpretation

Original text. Later amendments are not shown.

In this Part—

  • “open to review” in relation to a relevant cryptoasset permission means—

    1. (a)

      the application has been refused by the FCA by a decision notice given under section 55X(4) of the Act (determination of applications: warning notices and decision notices), and

    2. (b)

      one of the following is the case—

      1. (i)

        the period for making a reference to the Tribunal under section 55Z3 of the Act (right to refer matters to the Tribunal) is still running;

      2. (ii)

        the matter has been referred to the Tribunal but has not yet been dealt with;

      3. (iii)

        the matter has been referred to the Tribunal and dealt with but the period during which an appeal may be brought against the Tribunal's decision is still running;

      4. (iv)

        an appeal has been brought against the Tribunal but has not yet been determined;

  • “overseas person” means a person who—

    1. (a)

      carries on an activity that will be a relevant cryptoasset activity on the full commencement day, and

    2. (b)

      does not carry on that relevant cryptoasset activity from an establishment in the United Kingdom;

  • “pre-existing contract” has the meaning given by regulation 56(4) (temporary exemption relating to pre-existing contracts);

  • “relevant application period” means the period set by the FCA in accordance with directions given under regulation 52 (relevant application period);

  • “relevant cryptoasset activity” means an activity that, as a result of the amendments in regulation 40 of these Regulations (amendment of the Regulated Activities Order)—

    1. (a)

      before the full commencement day, is to become a regulated activity on full commencement day, or

    2. (b)

      on or after the full commencement, is a regulated activity;

  • “relevant cryptoasset permission” means—

    1. (a)

      a Part 4A permission to carry on a relevant cryptoasset activity, or

    2. (b)

      the variation of an existing Part 4A permission to include a relevant cryptoasset activity;

  • “the relevant day” has the meaning given by regulation 56(4) (temporary exemption relating to pre-existing contracts).