Regulation 7 Transitional provision: exempt investment firms

(1)

An authorised person who immediately before 3rd January 2018 was—

(a)

an exempt investment firm by virtue of regulation 9A M1(transitional provision: exempt investment firms) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007; or

(b)

permitted to carry on regulated activities as an exempt investment firm in accordance with permission granted in accordance with regulation 4C M2 (requirements to be applied to exempt investment firms) of those Regulations,

becomes an exempt investment firm with effect from that day as if they had applied as mentioned in regulation 4(1) or (2) M3 and had been granted the permission or variation on that day.

Annotations

Marginal citations

M1: S.I. 2007/126; regulation 9A was inserted by S.I. 2007/763.
M2: Regulation 4C was inserted by S.I. 2007/263 and was amended by S.I. 2013/472 and 2013/3115.
M3: Regulation 4(1) and (2) were amended by S.I. 2013/472.

Notes on the whole SI

Textual amendments

F1: Regulations revoked (14.12.2023 for the revocation of reg. 51) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xviii)