Article 10 Applications for a modification or waiver of rules
(1)
Paragraph (2) applies if, before the commencement date, the Authority—
(a)
received an application under section 148(2) of FSMA 2000; and
(b)
had not determined the application.
(2)
The application is to be treated as if it had been made under section 138A(1) of FSMA 2000 to the relevant regulator in respect of the post-commencement rules.
(3)
Paragraph (4) applies if—
(a)
before the commencement date, the Authority received an application under section 294(1) of FSMA 2000 in respect of a recognised clearing house; and
(b)
had not determined the application.
(4)
The application is to be treated as if it had been made to the Bank of England in relation to the recognised clearing house in respect of the post-commencement rules.