Article 24 Transfer elections
The FCA may only make a transfer election—
within the period of 45 days which begins on the commencement date; and
with the consent of the PRA.
A transfer election must—
be in writing;
specify the notice, suspension, limitation or restriction to which the transfer election relates;
in the case of a notice, specify whether the transfer election relates to the whole or to part of the notice; and
if the transfer election relates to part of a notice, specify—
the part to which the transfer election relates, and
whether that part is to be treated as is if it had been given—
by the PRA, or
by both regulators.
The FCA must send the transfer election, or a copy of it, to—
in the case of a notice—
each person to whom the notice to which the election relates was sent, and
each person to whom a copy of the notice to which the election relates was sent;
in the case of a suspension, limitation or restriction, the person on whom the suspension, limitation or restriction was imposed; and
the PRA.