# The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013, Article 3: Requirements

Extent: E+W+S+N.I.

(1) Paragraph (2) applies if, immediately before the commencement date, a person was subject to a requirement imposed or varied under any of the following provisions—
(a) section 43 (imposition of requirements);
(b) section 44 (variation etc. at request of authorised person);
(c) section 45 (variation etc. on the Authority’s own initiative), including the exercise of powers under section 45 by virtue of section 47 (exercise of power in support of overseas regulator).
(2) The requirement is to be treated as if it had been imposed—
(a) by the PRA under section 55M (imposition of requirements by PRA) if the person subject to the requirement is, on the commencement date, a PRA-authorised person; or
(b) by the FCA under section 55L (imposition of requirements by FCA) in any other case.
(3) Paragraph (4) applies if, immediately before the commencement date, a person was subject to a requirement imposed under section 46 (variation of permission on acquisition of control).
(4) The requirement is to be treated as if it had been imposed under section 55O (imposition of requirements on acquisition of control)—
(a) by the PRA if the person subject to the requirement is, on the commencement date, a PRA-authorised person; or
(b) by the FCA in any other case.
(5) Paragraph (6) applies if, immediately before the commencement date—
(a) a person was subject to a requirement imposed under section 196 (the power of intervention); and
(b) the period for which the requirement was imposed (if any) has not expired.
(6) The requirement is to be treated as it if had been imposed by the PRA if the person subject to the requirement is, on the commencement date, a PRA-authorised person.

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Source: https://www.legislation.gov.uk/uksi/2013/440/article/3 (the official version)
Page: https://openlegislation.uk/financial-services-act-2012-transitional-provisions-permission-and-approval-order-2013/article-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.