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Exemption for specified exempt persons carrying on qualifying businesses in regulated activities through foreign offices under cross‑border arrangements

Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021

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—(1) Where all the circumstances mentioned in regulation 10(1) are present —(a)a specified exempt person who is exempt from the requirement to hold a capital markets services licence under section 99(1)(a), (b) or (c) of the Act, is exempt from section 99B(3) of the Act and regulations 54(1) and 54B of the Securities and Futures (Licensing and Conduct of Business) Regulations in respect of the specified exempt person’s qualifying business that is carried on through its foreign office under a cross‑border arrangement;(b)a specified exempt person who is exempt under sub‑paragraph (a) and whose qualifying business that is carried on through its foreign office under a cross‑border arrangement consists of either or both of the following regulated activities, is also exempt from regulation 14(4) of the Securities and Futures (Licensing and Conduct of Business) Regulations in respect of those regulated activities:(i)the regulated activity mentioned in regulation 2(2)(b)(ii) (which is product financing in respect of the relevant capital markets products that are specified products);(ii)the regulated activity mentioned in regulation 2(2)(b)(iii) (which is providing custodial services in respect of the relevant capital markets products that are specified products);(c)a specified exempt person who is exempt from the requirement to hold a capital markets services licence under section 99(1)(d) of the Act is exempt from section 99B(3) of the Act in respect of the specified exempt person’s qualifying business that is carried on through its foreign office under a cross‑border arrangement;(d)a specified exempt person who is exempt from the requirement to hold a capital markets services licence under paragraph 3(1)(d) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations is exempt from sections 82(1) and 99A of the Act in respect of the specified exempt person’s qualifying business that is carried on through its foreign office under a cross-border arrangement; and(e)a specified exempt person who is exempt from the requirement to hold a capital markets services licence under paragraph 3A(1)(d) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations is exempt from sections 82(1) and 99A of the Act in respect of the specified exempt person’s qualifying business that is carried on through its foreign office under a cross-border arrangement. (2) A specified exempt person exempt under paragraph (1)(a), (b), (c), (d) or (e) must lodge with the Authority a notice setting out the details of the cross‑border arrangement in Form FN —(a)where the specified exempt person had carried on the qualifying business mentioned in paragraph (1)(a), (b), (c), (d) or (e) (as the case may be) immediately before 9 October 2021 — by the 14th day after the day on which the specified exempt person ceases to comply with any of the provisions mentioned in paragraph (1)(a), (b), (c), (d) or (e) (as the case may be) in reliance on the exemption mentioned in that paragraph; or(b)where the specified exempt person commences the qualifying business mentioned in paragraph (1)(a), (b), (c), (d) or (e) on or after 9 October 2021 — by the 14th day after the day on which the qualifying business commences.(3) A specified exempt person ceases to be exempt under paragraph (1)(a), (b), (c), (d) or (e), as the case may be —(a)in the case where the specified exempt person fails to lodge with the Authority a notice setting out the details of the cross‑border arrangement in accordance with paragraph (2) — on the day immediately after the day mentioned in paragraph (2)(a) or (b), as the case may be; or(b)in any other case — on the day on which any of the circumstances mentioned in regulation 10(1) ceases to be present.

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