{
  "url": "https://openlegislation.uk/financial-services-act-2012-transitional-provisions-permission-and-approval-order-2013/article-7",
  "json_url": "https://openlegislation.uk/financial-services-act-2012-transitional-provisions-permission-and-approval-order-2013/article-7.json",
  "legislation": "uksi/2013/440",
  "legislation_title": "The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013",
  "legislation_url": "https://openlegislation.uk/financial-services-act-2012-transitional-provisions-permission-and-approval-order-2013",
  "path": "article/7",
  "kind": "article",
  "number": "7",
  "heading": "Variation or cancellation of requirement in force before the commencement date",
  "text": "(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.\n(2) Part 4A (permission to carry on regulated activities) applies to a requirement treated as imposed under that Part with the following modifications—\n(a) the FCA may vary or cancel the requirement with the consent of the PRA; and\n(b) the PRA may vary or cancel the requirement with the consent of the FCA.\n(2A) Section 200 (rescission and variation of requirements) applies to a requirement imposed under section 196 with the following modifications—\n(a) the FCA may vary or rescind the requirement with the consent of the PRA; and\n(b) the PRA may vary or rescind the requirement with the consent of the FCA.\n(3) But no consent is required for the purposes of paragraph (2) or (2A) where—\n(a) a regulator is exercising its own-initiative requirement power under section 55L or 55M or its power of intervention under section 196 (the power of intervention); and\n(b) the variation is expressed to take effect immediately.\n(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.\n(5) If the PRA makes a transfer election in relation to a requirement or part of a requirement—\n(a) the requirement or part is to be treated as if it had been imposed by the FCA under section 55L or, where article 3(6) applies (see article 3(5)), section 196; and\n(b) paragraph (2) or, as the case may be, (2A) ceases to have effect in relation to the requirement or part.\n(6) A transfer election must—\n(a) be in writing; and\n(b) specify the requirement or the part of the requirement to which the transfer election relates.\n(7) The PRA must send the transfer election, or a copy of it, to—\n(a) the person subject to the requirement; and\n(b) the FCA.\n(8) Consent may be given for the purposes of this article in relation to a class or description of requirements.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "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)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Art. 7 in force at 1.4.2013, see art. 1(1)"
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 3A(2) of FSMA 2000 defines the regulators as the FCA and the PRA."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2013/440/article/7",
    "retrieved_at": "2026-10-29T01:02:53.596216+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}