The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
25 Regulated activities in respect of which regulation 22 has effect
(1) A regulated activity in respect of which, when carried on by a person (“P”), the exemption in regulation 22 has effect is one— (a) which is necessary for the performance of a pre-existing contract, (b) which is carried on for the purposes of performing such a contract, (c) which is not a regulated activity P is permitted to carry on by virtue of section 31(1)(a) of FSMA 2000 (authorised persons), (d) which is being carried on by a Swiss firm which is not established in the United Kingdom, and (e) to which paragraph (2) applies. (2) This paragraph applies to a regulated activity carried on by a person (“P”) who— (a) satisfies the conditions in regulation 24(1) or (2), and (b) immediately before the relevant day would have required permission to carry on the regulated activity in the United Kingdom but for the operation of the exclusion in article 72ZA of the RAO. (3) For the purposes of paragraph (1), the performance of a pre-existing contract includes the performance of an obligation under that contract which is contingent or conditional. (4) In paragraph (2), “the relevant day” is the day immediately before the day on which, as applicable— (a) the FCA modifies or removes P’s entry under regulation 9, or (b) the Agreement ceases to be in force.
25 Regulated activities in respect of which regulation 22 has effect
(1) A regulated activity in respect of which, when carried on by a person (“P”), the exemption in regulation 22 has effect is one— (a) which is necessary for the performance of a pre-existing contract, (b) which is carried on for the purposes of performing such a contract, (c) which is not a regulated activity P is permitted to carry on by virtue of section 31(1)(a) of FSMA 2000 (authorised persons), (d) which is being carried on by a Swiss firm which is not established in the United Kingdom, and (e) to which paragraph (2) applies. (2) This paragraph applies to a regulated activity carried on by a person (“P”) who— (a) satisfies the conditions in regulation 24(1) or (2), and (b) immediately before the relevant day would have required permission to carry on the regulated activity in the United Kingdom but for the operation of the exclusion in article 72ZA of the RAO. (3) For the purposes of paragraph (1), the performance of a pre-existing contract includes the performance of an obligation under that contract which is contingent or conditional. (4) In paragraph (2), “the relevant day” is the day immediately before the day on which, as applicable— (a) the FCA modifies or removes P’s entry under regulation 9, or (b) the Agreement ceases to be in force.
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