Regulation 2 Application

For paragraph (2) of regulation 2 of the 1983 Regulations (application) substitute—

“(2)

Where the Secretary of State has directed, pursuant to paragraph 7(2) of Part I of Schedule 2F to the Act^f1, that Part II of the Act shall apply to an EC company, these Regulations shall apply to that company as they apply to a company with its head office in an EFTA State.

(3)

These Regulations do not apply to—

(a)

an EEA deposit company or an EFTA company, in relation to long term business or general business carried on by it outside the United Kingdom; or

(b)

a Swiss general insurance company, in relation to general business carried on by it outside the United Kingdom.”