# The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013, Article 4: Prohibitions, restrictions and assets requirements

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

(1) Where a requirement which had effect immediately before the commencement date was an assets requirement within the meaning of section 48(3) (prohibitions and restrictions)—
(a) the requirement is to be treated as an assets requirement within the meaning of section 55P(4) (prohibitions and restrictions), imposed by the relevant regulator;
(b) a trustee approved by the Authority before the commencement date for the purposes of section 48(3)(b) is to be treated as if the trustee had been approved by the relevant regulator for the purposes of section 55P(4)(b);
(c) a notice given by the Authority to an institution before the commencement date for the purposes of section 48(4)(b) is to be treated as if it had been given by the relevant regulator for the purposes of section 55P(5)(b); and
(d) a liability to pay an amount to the Authority that arose before the commencement date under section 48(5)(b) is to be treated as a liability to pay that amount to the relevant regulator under section 55P(6)(b).
(2) Paragraph (3) applies if, before the commencement date, the Authority—
(a) received a request to give consent for the purposes of section 48(6); and
(b) had not consented or refused consent.
(3) The request is to be treated as if it had been made to the relevant regulator to give consent for the purposes section 55P(7).
(4) In this article, the “relevant regulator” means—
(a) if the person on whom the requirement was imposed is, on the commencement date, a PRA-authorised person, the PRA; and
(b) in any other case, the FCA.
(5) Where the requirement was imposed under section 196, a reference in this article to a provision in Part 4A is to be read as a reference to that provision as applied by section 196.

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Source: https://www.legislation.gov.uk/uksi/2013/440/article/4 (the official version)
Page: https://openlegislation.uk/financial-services-act-2012-transitional-provisions-permission-and-approval-order-2013/article-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.