13.—(1) Section 39A M1 (certain tied agents operating outside United Kingdom) is amended as follows.
(2) In subsection (1)(a), for the words after “who is” substitute “ established in the United Kingdom; and ”.
(3) In subsection (4), for the words after “Condition B is that” substitute “ the FCA is satisfied that no such business is, or is likely to be, carried on by the agent in the United Kingdom. ”.
(4) In subsection (6)(c) M2 omit sub-paragraph (ii).
(5) In subsection (6)(d) M3 omit “or register”.
(6) For subsection (8) M4 substitute—
“(8) Section 39(7) applies for the purposes of this section.”.
(7) In subsection (9) omit the definition of “competent authority”M5.
(8) The amendments made by paragraphs (2), (3) and (7) do not apply during the three-year transitional period in relation to contracts entered into before [F1IP completion day].
(9) In relation to such contracts, section 39A(6)(d) has effect during the three-year transitional period as if “or on the register of tied agents of an EEA State maintained pursuant to Article 29 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments” were inserted after “entered on that record”.
(10) In paragraphs (8) and (9) “the three-year transitional period” means the period that—
(a)begins with [F2IP completion day], and
(b)ends at the end of the period of three years starting with the first day after [F2IP completion day].
Textual Amendments
F1Words in reg. 13(8) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 33(b)(i)
F2Words in reg. 13(10) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 33(b)(ii)
Commencement Information
I1Reg. 13 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M1Section 39A was inserted by S.I. 2007/126.
M2Subsection (6)(c) was substituted by S.I. 2017/701.
M3Subsection (6)(d) was amended by S.I. 2017/701.
M4Subsection (8) was amended by S.I. 2017/701.
M5This definition was amended by S.I. 2017/701.