Article 4 Treatment of a continuing approvalI1

United Kingdom

(1)

In relation to a person (“P”) a continuing approval is to be treated as if it had been given—

(a)

in relation to the notified functions specified in an article 2 notice concerning P, and

(b)

by the appropriate regulator.

(2)

Where, immediately before 7th March 2016, the pre-implementation approval is subject to a suspension or limitation imposed under section 66(3)(disciplinary powers)^f1, that suspension or limitation is from the beginning of 7th March 2016 to be treated as if it were imposed by the appropriate regulator in respect of the notified functions.

(3)

Where, immediately before 7th March 2016, the pre-implementation approval is subject to a restriction imposed under section 66(3)(ab)(disciplinary powers)^f2, that restriction is from the beginning of 7th March 2016 to be treated as if it were a condition imposed under section 66(3)(ab).

(4)

This article applies whether or not one of the regulators has given a warning notice or a decision notice to P under—

(a)

section 63 (withdrawal of approval)^f3;

(b)

section 63B (procedure and right to refer to tribunal)^f4; or

(c)

section 67 (disciplinary measures: procedure and right to refer to Tribunal)^f5.

Annotations

Commencement

I1: Art. 4 in force at 26.3.2015, see art. 1(1)

Footnotes

f1: Section 66 was amended by the Financial Services Act 2010 (c. 28), section 12, section 24 and Schedule 2, Part 1, paragraphs 1,8; the Financial Services Act 2012 (c. 21), Schedule 5, paragraphs 1, 14; S.I. 2013/1773, Schedule 1, Part 1, Paragraphs 7, 8; and the 2013 Act, section 28, 32 and Schedule 3, paragraph 5.
f2: Section 66(3)(ab) is substituted together with subsection (ac) for section 66(3)(ab) by the 2013 Act, Schedule 3, paragraph 5.
f3: Section 63 is amended by the Financial Services Act 2012 (c. 81), section 14(3) and Schedule 5, paragraphs 1, 7; and the 2013 Act, section 25 and Schedule 3, paragraph 3.
f4: Section 63B was amended by the Financial Services Act 2012 (c.81), Schedule 5, paragraphs 1, 9.
f5: Section 67 was amended by the Financial Services Act 2010 (c. 28), section 24 and Schedule 2, Part 1, paragraphs 1, 9; the Financial Services Act 2012 (c. 81), Schedule 5, paragraphs 1, 15; and the 2013 Act, Schedule 3, paragraph 6.