Regulation 39 Authorisation and verification under the 2017 RegulationsI1
United Kingdom
This regulation applies to an authorisation or verification which, immediately before the coming into force of these Regulations, was—
an authorisation by the FCA to provide a data reporting service which had effect by virtue of Part 2 the 2017 Regulations (“an authorisation to which this regulation applies”), or
a verification by the FCA of a person’s compliance with the 2017 Regulations which had effect by virtue of Part 2 of the 2017 Regulations (“a verification to which this regulation applies”).
An authorisation to which this regulation applies has effect, from the coming into force of these Regulations, as though it had been granted by the FCA under regulation 9 of these Regulations.
A verification to which this regulation applies has effect, from the coming into force of these Regulations, as though it were a verification made by the FCA under regulation 7 of these Regulations.
Any restriction that was—
imposed by the FCA on an authorisation to which this regulation applies in accordance with regulation 10 of the 2017 Regulations, and
in effect immediately before the coming into force of these Regulations
has effect, from the coming into force of these Regulations, as though it had been imposed under regulation 9 of these Regulations.
Where, before the coming into force of these Regulations, the FCA had proposed in accordance with regulation 11 of the 2017 Regulations to cancel an authorisation or verification to which this regulation applies, or to refuse a request for such a cancellation—
the 2017 Regulations continue to have effect for the purposes of anything remaining to be done in respect of that proposal; and
paragraphs (2) and (3) do not have effect unless, following a final determination made in accordance with the 2017 Regulations, the authorisation or verification is not cancelled.
Where, immediately before the coming into force of these Regulations, the FCA had grounds under regulation 11(1)(h) of the 2017 Regulations to believe that a person had seriously and systematically infringed the requirements imposed by or under the 2017 Regulations but had not issued a warning notice under regulation 11(4)(a) of those Regulations, regulation 10(1)(g) of these Regulations applies as though it included a reference to the 2017 Regulations.