The Financial Services Act 2012 (Transitional Provisions) (Miscellaneous Provisions) Order 2013

PART 6 Control over authorised persons

Application of articles 24 to 27

23.  Articles 24 to 27 apply if, before the commencement date, the Authority—

(a) received a notice given under section 178(1) (obligation to notify: acquisition of control); and

(b) the notice would have been required to be given to the PRA as the appropriate regulator (within the meaning of section 178) had the notice been given on the commencement date.

Obligation to notify: acquisition of control

24.—(1) The notice is to be treated as if it had been given to the PRA.

(2) Information given to the notice-giver by the Authority for the purposes of section 180(2) (acknowledgement of receipt), that a notice is incomplete, is to be treated as if it had been given by the PRA.

Assessment

25.—(1) Paragraphs (2) to (6) apply if, before the commencement date—

(a) the Authority gave an acknowledgement under section 180(1); and

(b) the assessment period within the meaning of section 189(1) (assessment: procedure) had not expired.

(2) The acknowledgement is to be treated as if it had been given by the PRA, on the day that it was actually given.

(3) Any action taken by the Authority under section 185 (assessment: general) before the commencement date is to be treated as if it had been taken by the PRA.

(4) Any consultation undertaken, and any steps taken in compliance with prescribed requirements, by the Authority before the commencement date for the purposes of section 188 (assessment: consultation with EC competent authorities) or 191A(5) (objection) are to be treated as if they had been taken, or undertaken, by the PRA.

(5) Any information or documents given to the Authority in connection with or for the purposes of the section 178 notice are to be treated as if they had been given to the PRA.

(6) Any information given by the Authority under section 189(3) before the commencement date is to be treated as having been given by the PRA.

Approval

26.—(1) Paragraph (2) applies if, before the commencement date, the Authority—

(a) approved the acquisition unconditionally by notice under section 189(4)(a);

(b) was treated under section 189(6) as having approved the acquisition; or

(c) approved the acquisition subject to conditions by a final notice following a decision notice given under section 189(7).

(2) The notice, the approval and any conditions (as the case may be) are to be treated as having been given or imposed by the PRA.

(3) Paragraph (4) applies if, before the commencement date—

(a) the Authority specified or extended a period under section 191 (duration of approval); and

(b) the period had not expired.

(4) The period is to be treated as having been specified or extended, as the case may be, by the PRA.

Requests for further information

27.—(1) Paragraphs (2) and (3) apply to a request for information made by the Authority under section 190(1) in a case where the fiftieth working day of the assessment period falls on or after the commencement date.

(2) The request is to be treated as if it had been made by the PRA.

(3) An acknowledgement of receipt of information given by the Authority before the commencement date for the purposes of section 190(6) is to be treated as if it had been given by the PRA.

Restriction notices

28.—(1) Paragraph (2) applies if, before the commencement date—

(a) the Authority gave a restriction notice under section 191B; and

(b) had not withdrawn the restriction notice.

(2) The restriction notice is to be treated as if it had been given by the PRA.

Obligations to notify disposition of control

29.—(1) Paragraph (2) applies if—

(a) before the commencement date, the Authority received a notice given under section 191D (obligation to notify: dispositions of control); and

(b) the notice would have been required to be given to the PRA as the appropriate regulator (within the meaning of section 178) had the notice been given on the commencement date.

(2) The notice is to be treated as if it had been given to the PRA.

Offences

30.  For the purposes of section 191F(6) (offences under Part 12), information given to the Authority before the commencement date is to be treated as if it had been given to the PRA.

(1)

Sections 178 to 191G were substituted by S.I. 2009/534 and are amended by the 2012 Act, section 26.