Article 12 Banking business carried on overseas before commencementI1

A person (“A”) who, immediately before commencement—

is to be treated as having, at commencement, a Part IV permission to carry on any corresponding overseas regulated activities in the country or territory where he carried on that overseas banking business.

In this article—

• “corresponding overseas regulated activities” means regulated activities which—

  1. (a)

     A carries on after commencement by virtue of continuing to carry on his overseas banking business; and

  2. (b)

     A is regarded as carrying on in the United Kingdom by virtue of section 418;

• “overseas banking business” means business which was deposit-taking business within the meaning of section 6 of the Banking Act and which A was carrying on in a country or territory outside the United Kingdom without contravening regulation 22 of the 2BCD Regulations.