Article 7 Variation or cancellation of requirement in force before the commencement dateI1

United Kingdom

(1)

This article applies in respect of a requirement which is to be treated as if it had been imposed by the PRA by virtue of article 3 or 4.

(2)

Part 4A (permission to carry on regulated activities) applies F1to a requirement treated as imposed under that Part with the following modifications—

(a)

the FCA may vary or cancel the requirement with the consent of the PRA; and

(b)

the PRA may vary or cancel the requirement with the consent of the FCA.

F2(2A)

Section 200 (rescission and variation of requirements) applies to a requirement imposed under section 196 with the following modifications—

(a)

the FCA may vary or rescind the requirement with the consent of the PRA; and

(b)

the PRA may vary or rescind the requirement with the consent of the FCA.

(3)

But no consent is required for the purposes of paragraph (2) F3or (2A) where—

(a)

a regulator^f1 is exercising its own-initiative requirement power under section 55L or 55M F4or its power of intervention under section 196 (the power of intervention); and

(b)

the variation is expressed to take effect immediately.

(4)

The PRA may, with the consent of the FCA, make a transfer election (see paragraphs (5) and (6)) in relation to a requirement or part of a requirement.

(5)

If the PRA makes a transfer election in relation to a requirement or part of a requirement—

(a)

the requirement or part is to be treated as if it had been imposed by the FCA under section 55L F5or, where article 3(6) applies (see article 3(5)), section 196; and

(b)

paragraph (2) F6or, as the case may be, (2A) ceases to have effect in relation to the requirement or part.

(6)

A transfer election must—

(a)

be in writing; and

(b)

specify the requirement or the part of the requirement to which the transfer election relates.

(7)

The PRA must send the transfer election, or a copy of it, to—

(a)

the person subject to the requirement; and

(b)

the FCA.

(8)

Consent may be given for the purposes of this article in relation to a class or description of requirements.

Annotations

Textual amendments

F1: Words in art. 7(2) inserted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 11(3)(a)
F2: Art. 7(2A) inserted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 11(3)(b)
F3: Words in art. 7(3) inserted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 11(3)(c)(i)
F4: Words in art. 7(3)(a) inserted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 11(3)(c)(ii)
F5: Words in art. 7(5)(a) inserted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 11(3)(d)(i)
F6: Words in art. 7(5)(b) inserted (1.9.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013 (S.I. 2013/1765), arts. 1, 11(3)(d)(ii)

Commencement

I1: Art. 7 in force at 1.4.2013, see art. 1(1)

Footnotes

f1: Section 3A(2) of FSMA 2000 defines the regulators as the FCA and the PRA.