Article 28 Exercise of own-initiative power under Part 4: procedure

(1)

This article applies where—

(a)

the Authority gave a written notice under section 53 before the commencement date; and

(b)

(i)

the variation was expressed to take effect before the commencement date and the period for making representations in respect of the notice had not expired before the commencement date, or

(ii)

the date on which the variation is expressed to take effect is, or is after, the commencement date.

(2)

A written notice given under—

(a)

section 53(4) is to be treated as if it had been given under section 55Y(4);

(b)

section 53(7) is to be treated as if it had been given under section 55Y(7);

(c)

section 53(8)(b) is to be treated as if it had been given under section 55Y(8)(b).

(3)

The written notice is to be treated as if it had been given by the FCA except to the extent that the FCA—

(a)

makes a transfer election in relation to the notice or part of the notice in accordance with this Order; or

(b)

is treated as having made such a transfer election.

(4)

The FCA is to be treated as having made such a transfer election where—

(a)

paragraph (1)(b)(i) applies; and

(b)

the variation is to be treated as if it had been imposed by the PRA under section 55M (imposition of requirements by PRA) by virtue of an order made under section 119(3).