Article 1 Citation, commencement and interpretationI1

This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015 and comes into force on 26th March 2015.

In this Order—

• “article 2 notice” has the meaning given in article 2(1);

• “article 11 notice” has the meaning given in article 11(b);

• “the appropriate regulator” means, unless the context otherwise requires—

  1. (a)

     the FCA, in respect of those notified functions or notified application functions that are controlled functions specified in rules made by the FCA under section 59 (approval for particular arrangements)^f1; and

  2. (b)

     the PRA, in respect of those notified functions or notified application functions that are controlled functions specified in rules made by the PRA under section 59;

• “approval” means an approval given by the FCA or the PRA to a person for the purposes of section 59;

• F1...

• “class 1 firm” means a relevant authorised person^f2;

• F2“class 2 firm” means a PRA-authorised person other than a relevant authorised person;

• “conditions for continuing approval” means the conditions set out in article 3;

• “continuing approval” means an approval that continues to have effect on and after 7th March 2016 in accordance with article 2(4);

• “controlled function” has the meaning given in section 59(3) (approval for particular arrangements) ^f3;

• “designated senior management function” means a function designated as a senior management function under section 59(6A) or 59(6B) (approval for particular arrangements) ^f4;

• “equivalent function” has the meaning given in article 17;

• “FSMA” means the Financial Services and Markets Act 2000^f5;

• F3“insurer” has the meaning given in section 71A(6)(d);

• “non-UK institution” has the meaning given in section 71A(6)(b);

• “the notification date” means, in relation to an article 2 notice or an article 11 notice, the date on which—

  1. (a)

     the notice is first received by one of the regulators^f6, or

  2. (b)

     if the authorised person concerned^f7 provides one or more revised article 2 notices or revised article 11 notices, the date on which the last revised notice provided is first received by one of the regulators;

• “notified functions” has the meaning given in article 2(3)(a);

• “notified application functions” has the meaning given in article 11(b);

• “post-implementation controlled function” means a controlled function which, on or after 7th March 2016, either regulator has specified for the purposes of section 59 (approval for particular arrangements);

• “pre-implementation application” means an application under section 60 (applications for approval)^f8 which—

  1. (a)

     is received by the appropriate regulator (within the meaning given by section 60(9)) before 7th March 2016; and

  2. (b)

     concerns the performance of controlled functions in relation to a class 1 firm or a class 2 firm;

• “pre-implementation approval” means an approval which—

  1. (a)

     is given by either regulator before 7th March 2016; and

  2. (b)

     concerns the performance of controlled functions in relation to a class 1 firm or a class 2 firm;

• “pre-implementation controlled function” means a controlled function which, before 7th March 2016, either regulator has specified for the purposes of section 59 (approval for particular arrangements);

• “revised article 2 notice” has the meaning given in article 6(1);

• “revised article 11 notice” has the meaning given in article 14(1);

• F4...

• “Solvency II Directive” means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of insurance and re-insurance (Solvency II) (recast)^f9.

A reference in this Order to a provision of an Act is a reference to a provision of FSMA except where indicated otherwise.

A term used in this Order which is defined in Part 5 or Part 29 of FSMA has the same meaning as in that Act.

For the purposes of this Order, a reference to a permission, approval or requirement under FSMA, or to any other thing done under or for the purposes of that Act, includes a reference to a permission, approval or requirement or other thing treated as having effect or having been done under FSMA, however described, by a statutory instrument made under—