Regulation 32 Conditions to be satisfied for regulation 28 to apply: persons to whom regulation 47 ceases to applyF1
(1)
The conditions are that the person is one—
(a)
to whom regulation 47 ceases to apply, in accordance with regulation 55,
(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, and
(c)
who is the subject of a direction under regulation 55(1)(b).
(2)
In this regulation, reference to authorisation to carry on a regulated activity by virtue of section 31(1)(a) of the 2000 Act does not include such an authorisation by virtue of regulation 28.
Annotations
Textual amendments
- F1
Pt. 6 inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 2