[Part 9 Transition on Withdrawal of Approval of Regulated Activity etc]

[Part 9 Transition on Withdrawal of Approval of Regulated Activity etc]

[Transition on withdrawal of approval of regulated activity

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(1)     Sub-paragraph (2) applies where—

(a)     the Treasury withdraw their approval of a regulated activity for the purposes of this Schedule (by revoking or amending regulations under paragraph 5), and

(b)     immediately before approval is withdrawn, a person had a Schedule 2A permission to carry on the activity.

(2)     The regulated activity is to be treated as approved under this Schedule but—

(a)     only so far as carried on by the person,

(b)     subject to the time limit in sub-paragraph (3), and

(c)     subject to any restriction under paragraph 60.

(3)     The regulated activity ceases to be treated as approved under this Schedule by virtue of sub-paragraph (2)—

(a)     at the end of the period specified by the Treasury by regulations, or

(b)     if earlier, when an event listed in sub-paragraph (4) first occurs.

(4)     Those events are—

(a)     the person ceases to carry on the regulated activity in the United Kingdom;

(b)     the person ceases to have permission from the Gibraltar regulator to carry on the corresponding activity in Gibraltar;

(c)     the person ceases to have a Schedule 2A permission in respect of the activity;

(d)     the person is given permission under Part 4A of this Act in respect of the activity;

(e)     the Treasury approve the activity for the purposes of this Schedule (by making regulations under paragraph 5).

(5)     Where the approval of the regulated activity referred to in sub-paragraph (1)(a) is subject to limitations, references in this

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