Article 13 Approval for particular arrangementsI1

United Kingdom

(1)

Paragraph (2) applies if, immediately before the commencement date, the performance of controlled functions by a person was approved for the purposes of section 59^f1 (approval for particular arrangements).

(2)

The approval is to be treated as if it had been given by a notice given in accordance with section 62^f2 (applications for approval: procedure and right to refer to Tribunal) by—

(a)

the FCA, in respect of such post-commencement controlled functions as are specified in rules made by the FCA and in force on the commencement date;

(b)

the PRA, in respect of such post-commencement controlled functions as are specified in rules made by the PRA and in force on the commencement date.

(3)

Where, immediately before the commencement date, the approval was subject to a suspension, limitation or restriction, that suspension, limitation or restriction is to be treated as if it had been imposed by the regulator specified in paragraph (2).

(4)

Paragraph (5) applies if—

(a)

before the commencement date, the Authority—

(i)

received an application under section 60^f3 (applications for approval), and

(ii)

had not given a written notice or a warning notice in accordance with section 62 in relation to the application; and

(b)

the application had not been withdrawn before the commencement date.

(5)

The application is to be treated—

(a)

as if it had been made—

(i)

for approval to perform the post-commencement approved functions the performance of which would have been treated as approved under paragraph (2) had the Authority given approval pursuant to the application immediately before the commencement date, and

(ii)

accordingly, to the FCA or the PRA (or both) as the case may be; and

(b)

for the purposes of section 61(3A)^f4, as if it had been received on the date on which the Authority received it.

(6)

Paragraph (7) applies if, before the commencement date—

(a)

the Authority—

(i)

required an applicant to provide further information under section 60(3), or

(ii)

required an applicant to present information in a form or to verify information in a way directed under section 60(4); and

(b)

the information was not—

(i)

provided; or

(ii)

presented or verified in the form or way directed.

(7)

The requirement is to be treated as if it had been imposed by whichever of the FCA and the PRA (or both) is treated by paragraph (5) as having received the application.

(8)

In this article—

“the pre-commencement controlled functions” means the functions the performance of which by the person was, immediately before the commencement date, approved for the purposes of section 59;
“the post-commencement controlled functions” means controlled functions specified in relation to the pre-commencement controlled functions in rules made by the FCA or the PRA.

Article 13 Approval for particular arrangementsI1

Annotations

Commencement

Footnotes