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Paragraph 220 The Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011I1

United Kingdom

In the Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011f1—

(a)

in article 5 (requirement to reapply for Part 4 permission)—

(i)

in paragraph (1), for “Authority” substitute “FCA or the PRA”;

(ii)

in paragraph (2), for the words “apply to the Authority under section 40” substitute “apply to the regulator which gave the direction under section 55A”;

(iii)

in paragraph (3), for “Section 40(2)” substitute “Section 55A(3)”;

(iv)

in paragraph (4)—

(aa)

for the words from “Authority must” to “section 45(1)” substitute “regulator which gave the direction must consider whether to exercise the power in section 55J (variation or cancellation on initiative of regulator) and, for this purpose, section 55J(1)”;

(bb)

in the sub-paragraph added by that paragraph for “Authority” substitute “regulator”;

(v)

in paragraph (5), for “Authority” substitute “regulator which gave the direction”;

(vi)

in paragraph (6)—

(aa)

for “Authority” substitute “PRA”;

(bb)

for “Authority’s” substitute “PRA’s”;

(b)

in article 6 (requirement to reapply for approved person status)—

(i)

in paragraph (1), for “Authority” substitute “FCA or the PRA”;

(ii)

in paragraph (4), omit “by the Authority”;

(iii)

for “Authority” in every other place it appears substitute “regulator which gave the direction”;

(iv)

in paragraph (5), for “the Authority’s substitute “that regulator’s”;

(c)

in article 7 (requirements to reapply: procedure), for “Authority” in each place substitute “FCA or the PRA”.

Annotations

Commencement

I1

Sch. 2 para. 220 in force at 1.4.2013, see art. 1(1)

Footnotes

f1

S.I. 2011/2832.