The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013

The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013

11.—(1) The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013(1) is amended as follows.

(2) In article 4 (prohibitions, restrictions and assets requirements), after paragraph (4), insert—

“(5) Where the requirement was imposed under section 196, a reference in this article to a provision in Part 4A is to be read as a reference to that provision as applied by section 196.”.

(3) In article 7 (variation or cancellation of requirement in force before the commencement date)—

(a) in paragraph (2), after “applies” insert “to a requirement treated as imposed under that Part”;

(b) after paragraph (2), insert—

“(2A) Section 200 (rescission and variation of requirements) applies to a requirement imposed under section 196 with the following modifications—

(a) the FCA may vary or rescind the requirement with the consent of the PRA; and

(b) the PRA may vary or rescind the requirement with the consent of the FCA.”;

(c) in paragraph (3)—

(i) after “(2)” insert “or (2A)”;

(ii) in sub-paragraph (a), after “or 55M” insert “or its power of intervention under section 196 (the power of intervention)”;

(d) in paragraph (5)—

(i) in sub-paragraph (a), after “55L” insert “or, where article 3(6) applies (see article 3(5)), section 196”;

(ii) in sub-paragraph (b), after “(2)” insert “or, as the case may be, (2A)”.

(1)

S.I. 2013/440.