# The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019, Regulation 9: Transitional provision


(1) This regulation applies where—
(a) immediately before IP completion day—
(i) the co-ordinator appointed in accordance with Article 10 of the conglomerates directive in respect of a financial conglomerate is an EEA co-ordinator;
(ii) the FCA or PRA is the competent authority for the purposes of the conglomerates directive in relation to a regulated entity in that financial conglomerate; and
(b) after IP completion day the FCA or PRA, as the case may be, is the co-ordinator of that financial conglomerate in accordance with regulation 2 of the 2004 Regulations (as amended by the 2019 Regulations).
(2) This regulation also applies where on or after IP completion day—
(a) a financial conglomerate becomes a third-country financial conglomerate only by virtue of the amendments made to the definition of “ third-country financial conglomerate ” in regulation 7(1) of the 2004 Regulations by regulation 2(7)(c) of the 2019 Regulations; and
(b) the FCA or PRA is the regulator to whom regulation 8 of the 2004 Regulations (as amended by the 2019 Regulations) applies in relation to a regulated entity in that third-country financial conglomerate.
(3) Where this regulation applies, regulations 2, 8, 22 and 23 of the 2004 Regulations (as amended by the 2019 Regulations), which would otherwise apply to the FCA or PRA, do not apply for a period of two years beginning with IP completion day—
(a) unless the FCA or PRA, as appropriate, decides that it is appropriate for those regulations to be applied in a particular case; or
(b) unless or until the financial conglomerate in question ceases to be supervised by an EEA co-ordinator.

---
Source: https://www.legislation.gov.uk/uksi/2019/264/regulation/9 (the official version)
Page: https://openlegislation.uk/financial-conglomerates-and-other-financial-groups-amendment-etc-eu-exit-regulations-2019/regulation-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.