PART 2Controlled functions

Power to impose penalties2.

(1)

Paragraphs (2) to (5) apply if—

(a)

before the commencement date—

(i)

a person performed or began to perform a controlled function,

(ii)

the performance of that controlled function by that person was not approved for the purposes of section 594 (approval for particular arrangements), and

(iii)

the Authority had not given a warning notice in accordance with section 63B(1)5 (procedure and right to refer to Tribunal) in relation to the performance of the controlled function without approval; and

(b)

the PRA6 would have been the appropriate regulator within the meaning of section 63A(5A) (power to impose penalties) had the person performed or begun to perform that function without approval on the commencement date.

(2)

Sections 63A to 63C apply as if section 63A(5A) defined both the FCA7 and the PRA as the appropriate regulator.

(3)

Section 63A(4) applies as if for “the appropriate regulator” there were substituted “one of the regulators8”.

(4)

Section 63A(5) applies as if for “the appropriate regulator” there were substituted “a regulator”.

(5)

For the purposes of section 63C(10) (statement of policy), in its application to the performance by a person of a controlled function without approval—

(a)

where the function was performed and ceased to be performed before the commencement date, the statement of policy to which the PRA must have regard is the statement published by the Authority and in force at the time that the function was performed;

(b)

where the function was performed before the commencement date and continued to be performed on or after the commencement date, the statement of policy to which the PRA must have regard is the first statement published by the PRA under that section.