Regulation 50 Transitional provision: Treasury licencesI1

United Kingdom

(1)

Paragraphs (2) to (4) apply to a licence which—

(a)

was issued by the Treasury under regulation 20(1) (Treasury licences) of the 2020 Regulations,

(b)

was in effect immediately before the relevant date, and

(c)

authorises conduct which would on and after the relevant date, and in the absence of paragraphs (2) to (4) be prohibited under Part 3 (Finance),

and such a licence is referred to in this regulation as an “existing Treasury licence”.

(2)

An existing Treasury licence has effect on and after the relevant date as if it had been issued by the Treasury under regulation 26 (1) (Treasury licences).

(3)

Any reference in an existing Treasury licence to the 2020 Regulations is to be treated on and after the relevant date as a reference to these Regulations.

(4)

Any reference in an existing Treasury licence to a prohibition in Part 3 (Finance) of the 2020 Regulations is to be treated on and after the relevant date as a reference to the corresponding prohibition in Part 3.

(5)

Paragraph (6) applies where—

(a)

an application for a licence, or for the variation of a licence, under the 2020 Regulations was made before the relevant date,

(b)

the application is for the authorisation of conduct which would (on or after the relevant date) be prohibited under Part 3, and

(c)

a decision to grant or refuse the application has not been made before that date.

(6)

The application is to be treated on and after the relevant date as an application for a licence, or for the variation of a licence (as the case may be), under regulation 26 (1).

Annotations

Commencement

I1: Reg. 50 in force at 15.10.2026, see reg. 1(2)