Paragraph 5 Requirements imposed by FCA

(1)

This paragraph applies in relation to a person to whom paragraph 2 applies.

(2)

Any requirement which—

(a)

was imposed on the person—

(i)

as a precautionary measure under regulation 30(8) of EMR 2011, or

(ii)

under section 196 of the 2000 Act as applied by paragraph 4A of Schedule 3 to EMR 2011, and

(b)

has effect immediately before F1IP completion day,

is to continue to have effect at and after that time as if it were imposed by the FCA under regulation 7 of EMR 2011.

(3)

The FCA may exercise its powers under regulation 7 of EMR 2011 in relation to the person if it appears to the FCA that, immediately before IP completion day, the condition in section 194(1)(a) or (b) of the 2000 Act, as applied by paragraph 4A of Schedule 3 to EMR 2011, was met.

Annotations

Textual amendments

F1: Words in Sch. 3 para. 5 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 8(2)(c)