Article 10 Period for consideration of an application to perform controlled functionsI1

United Kingdom

F1(1)

In relation to a pre-implementation application—

(a)

if the application is received by the appropriate regulator within the meaning of section 60(9) (applications for approval)^f1 on or before the rule-making date, the period for consideration referred to in section 61(3A)(determination of applications)^f2 for that application is suspended from the day after the rule-making date until the condition in article 11(b) is met in relation to that application;

(b)

if the application is received by the appropriate regulator after the rule-making date the period for consideration does not begin to run until the end of the day on which the condition in article 11(b) is met in relation to that application.

F2(2)

In this article the “rule-making date” means—

(a)

in relation to a pre-implementation application concerning the performance of controlled functions in relation to a relevant non-UK institution (whether on the date concerned the institution is a class 1 or a class 2 firm)—

(i)

the date on which both regulators publish rules made under article 17 specifying in relation to relevant non-UK institutions equivalent functions for the purposes of this Order; or

(ii)

if the regulators publish such rules on different dates, the last day on which such rules are published;

(b)

in relation to a pre-implementation application concerning the performance of controlled functions in relation to an insurer that is not a solvency-II firm—

(i)

the date on which both regulators publish rules made under article 17 specifying in relation to such insurers equivalent functions for the purpose of this Order; or

(ii)

if the regulators publish such rules on different dates, the last day on which such rules are published; and

(c)

in relation to a pre-implementation application concerning the performance of controlled functions in relation to any other firm—

(i)

the date on which both regulators publish rules made under article 17 specifying in relation to such firms equivalent functions for the purposes of this Order; or

(ii)

if the regulators publish such rules on different dates, the last day on which such rules are published.

(3)

For the purposes of this article—

(a)

“relevant non-UK institution” has the meaning given in article 10A (relevant non-UK institutions); and

(b)

“solvency II firm” has the meaning given in article 10B (solvency II firms).

Annotations

Textual amendments

F1: Art. 10 renumbered as art. 10(1) (1.10.2015) by The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) (Amendment) Order 2015 (S.I. 2015/1660), arts. 1(1), 4(2)
F2: Art. 10(2)(3) inserted (1.10.2015) by The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) (Amendment) Order 2015 (S.I. 2015/1660), arts. 1(1), 4(3)

Commencement

I1: Art. 10 in force at 26.3.2015, see art. 1(1)

Footnotes

f1: Section 60(9) was added, together with subsections (7) and (8) by the Financial Services Act 2012 (c.81), Schedule 5, paragraphs 1, 4.
f2: Section 61(3A) was inserted by the Financial Services Act 2012 (c.21), Schedule 5, paragraphs 1, 5.