The Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001

Supplemental

54.—(1) Section 43(5) (and, in consequence, (6)) does not apply in relation to a requirement under section 43 or 196 having effect by virtue of any provision of this Part or of article 3(4) or 28(5).

(2) Where a pre-commencement requirement was framed so as to come into effect at a time after commencement—

(a) that fact does not prevent a person from being subject to the requirement for the purposes of this Order; and

(b) nothing in this Order is to be taken as altering the time when the requirement is to come into effect.

(3) Where—

(a) a pre-commencement requirement was varied before commencement; but

(b) the variation had not taken effect before commencement,

the variation takes effect on the date when (but for the repeal or revocation of the provision under which the variation was made) it would have taken effect.

(4) In this article, “pre-commencement requirement” means any prohibition, requirement, restriction or direction imposed before commencement as mentioned in any provision of this Part, any suspension of authorisation as mentioned in article 3(3) and any direction as mentioned in article 28(1).