OpenLegislation

Regulation 122 Article 4 (specified activities: general)C1I1

United Kingdom

(1)

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

(2)

In paragraph (4) M1, for “credit institution” (in both places) substitute “ qualifying credit institution ”.

(3)

In paragraph (4A) M2, 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 F1IP completion day, paragraph (4A)(a) has effect as if “or an EEA State” were inserted after “the United Kingdom.”.

(5)

In paragraph (4B) M3, 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 F2IP completion day) ”.

(6)

In paragraph (5) M4—

(a)

in the definition of “ancillary insurance intermediary”, after “Schedule 4” insert “ , read with the modifications set out in paragraph 3 of Part 6 M5 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

Textual amendments

F1

Words in reg. 122(4) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 33(m)(i)

F2

Words in reg. 122(5) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 33(m)(ii)

Marginal citations

M1

Paragraph (4) was substituted by S.I. 2006/3384 and was amended by S.I. 2017/488.

M2

Paragraph (4A) was substituted by S.I. 2018/546.

M3

Paragraph (4B) was inserted by S.I. 2015/910 and was amended by S.I. 2016/392.

M4

Paragraph (5) was substituted by S.I. 2018/546.

M5

Part 6 is inserted by these Regulations.

Modifications

C1

Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)

Commencement

I1

Reg. 122 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)