Meaning of “relevant obligation”
199.—(1) An obligation is a “relevant obligation”, in relation to a regulator and a person, if—
(a)the obligation is imposed by or under an enactment,
(b)the obligation is not an excluded obligation,
(c)the regulator has responsibility for supervising, or has other functions relating to, the person’s compliance with the obligation, and
(d)as a result of the operation of an exit instrument, the obligation—
(i)begins to apply in the person’s case, or
(ii)applies in the person’s case differently from how it would, but for the exit instrument, apply in the person’s case.
(2) In this regulation—
“enactment” means—
an enactment contained in—
an Act, or
subordinate legislation (within the meaning of the Interpretation Act 1978),
an enactment which is retained direct EU legislation, or
an enactment contained in, or in an instrument made under, Northern Ireland legislation;
“excluded obligation”, in relation to a regulator, means—
an obligation to satisfy the threshold conditions in relation to a regulated activity, or
an obligation imposed by or under rules made under section 64A or 137O of the Act(1);
“exit instrument” means—
regulations under section 8 of the European Union (Withdrawal) Act 2018, or
an instrument under regulation 3 of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018(2);
“regulated activity” and “threshold conditions” have the same meaning as in the Act (see, in particular, sections 22 and 55B)(3).
Section 64A was inserted by section 30 of the Financial Services (Banking Reform) Act 2013; section 137O was inserted by section 24 of the Financial Services Act 2012.
Section 22 was amended by section 7 of the Financial Services Act 2012; section 55B was inserted by section 11 of that Act.