Regulation 26 Treasury licences

In regulation 32,—

(a)

after paragraph (1), insert—

“(1A)
The prohibitions in regulation 15B (loans and credit) do not apply to anything done under the authority of a licence issued by the Treasury under this paragraph.

(1B)
The prohibition in regulation 15C (insurance and reinsurance services) does not apply to anything done under the authority of a licence issued by the Treasury under this paragraph.”;

(b)

in paragraph (2)—

(i)

after “may issue a licence”, insert “under paragraph (1)”,

(ii)

after “for a purpose set out in”, insert “Part 1 of”;

(c)

after paragraph (2), insert—

“(3)
The Treasury may issue a licence under paragraph (1A) which authorises acts by a particular person only where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 2 of Schedule 3.

(4)
The Treasury may issue a licence under paragraph (1B) which authorises acts by a particular person only where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 3 of Schedule 3.”