{
  "url": "https://openlegislation.uk/draft-risk-transformation-regulations-2017/regulation-16",
  "json_url": "https://openlegislation.uk/draft-risk-transformation-regulations-2017/regulation-16.json",
  "legislation": "ukdsi/2017/9780111160596",
  "legislation_title": "The Risk Transformation Regulations 2017",
  "legislation_url": "https://openlegislation.uk/draft-risk-transformation-regulations-2017",
  "path": "regulation/16",
  "kind": "regulation",
  "number": "16",
  "heading": "Applications for approval of persons",
  "text": "(1) Where a person makes an application to the PRA in accordance with paragraphs (1) and (2) of regulation 15, the person may also make an application under section 59 (approval for particular arrangements) of FSMA.\n(2) The application is to be treated for the purposes of FSMA as an application made by the applicant on behalf of the proposed protected cell company.\n(3) The provisions of FSMA apply to such an application, but the provisions specified in the first column of Table 2 apply with the modifications specified in the second column of Table 2.\nTable 2\nProvision of FSMA\nModification\nSection 60 (applications for approval)\nIn subsection (1), treat the reference to the authorised person concerned as a reference to the applicant on behalf of the proposed protected cell company.\nIn the rest of the section, treat the references to the authorised person concerned as including references to the proposed protected cell company.\nSection 60A (vetting of candidate)\nOn the coming into force of paragraph 5 of Schedule 4 to the Bank of England and Financial Services Act 2016, references to an authorised person are to be treated as references to the applicant on behalf of the proposed protected cell company.\nSection 61 (determination of applications)\nIn subsection (5), ignore paragraph (b).\nSection 62 (applications for approval: procedure and right to refer to Tribunal)\nSubsection (2) does not apply where the regulator to which an application is made proposes to grant the application subject to conditions or for a limited period, and the applicant and the person in respect of whom the application has been made have consented to those conditions or that limited period.\nSubsection (3) does not apply where the regulator to which an application is made decides to grant the application subject to conditions or for a limited period, and the applicant and the person in respect of whom the application has been made have consented to those conditions or that limited period.\nIn subsection (5), ignore paragraph (c).\nSection 62A (changes in responsibilities of senior managers)\nAn application made by the applicant on behalf of the proposed protected cell company is to be treated, for the purposes of subsection (1)(a), as an application made by the proposed protected cell company.\nSection 63 (withdrawal of approvals)\nOn the coming into force of paragraph 8 of Schedule 4 to the Bank of England and Financial Services Act 2016, an application made by the applicant on behalf of the proposed protected cell company is to be treated, for the purposes of subsection (2A), as an application made by the proposed protected cell company.\nSection 390 (final notices)\nWhere the PRA gives a final notice under this section, the PRA must send a copy of the final notice to the FCA without delay.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 59 has been amended by sections 14 and 15 of and Schedule 5 to the Financial Services Act 2012, S.I. 2012/1906, sections 18 and 35 of and Schedule 3 to the Financial Services (Banking Reform) Act 2013, S.I. 2013/1773, and section 21 of and Schedule 4 to the Bank of England and Financial Services Act 2016."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Sections 60, 61 and 62 have been amended by sections 14 and 15 of and Schedules 4 and 5 to the Financial Services Act 2012, sections 20 to 23 of and schedule 4 to the Financial Services (Banking Reform) Act 2013, and section 21 of and Schedule 4 to the Bank of England and Financial Services Act 2016. Section 62A was inserted by section 24 of the Financial Services (Banking Reform) Act 2013 and amended by sections 21 and 23 of and Schedule 4 to the Bank of England and Financial Services Act 2016."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "2016 c. 24."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2017/9780111160596/regulation/16",
    "retrieved_at": "2026-10-30T15:06:04.488256+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}