# The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc. ) Order 2001, Article 12: Banking business carried on overseas before commencement

Extent: E+W+S+N.I.

(1) A person (“A”) who, immediately before commencement—
(a) held an authorisation granted (or deemed to be granted) under the Banking Act; and
(b) was carrying on overseas banking business,
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.
(2) In this article—
“corresponding overseas regulated activities” means regulated activities which—
(a)A carries on after commencement by virtue of continuing to carry on his overseas banking business; and
(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.

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Source: https://www.legislation.gov.uk/uksi/2001/2636/article/12 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-transitional-provisions-authorised-persons-etc-order-2001/article-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.