10.—(1) This article applies if, after 1st April 2013, an authorised person (“PRA AP”) who is not a PRA-authorised person becomes a PRA-authorised person by virtue of a designation under article 3.
(2) Paragraph (4) applies from the date on which the designation under article 3 takes effect (“the effective date”).
(3) If the PRA gives notice to that effect in writing to PRA AP before the effective date, paragraphs (5), (6) and (7) also apply, to the extent specified in the notice.
(4) To the extent necessary for the effective prudential regulation of PRA AP, things done by the FCA in relation to PRA AP prior to the effective date (other than a requirement imposed under section 55L or 196 of the Act M1, approval given under section 59 of the Act or a direction given under section 192C of the Act M2) are to be treated, after the effective date, as done by the PRA.
(5) A requirement imposed by the FCA under section 55L or 196 of the Act is to be treated, from the effective date, as imposed by the PRA.
(6) Approval given to PRA AP by the FCA under section 59 of the Act for the performance by a person of a controlled function specified in rules made by the FCA (“FCA controlled function”) is to be treated from the effective date as approval given by the PRA for the performance of a controlled function specified in rules made by the PRA (“PRA controlled function”), if the PRA controlled function is substantially the same as the FCA controlled function.
(7) A direction given by the FCA under section 192C of the Act to the qualifying parent undertaking (within the meaning given by section 192B of the Act) of PRA AP is to be treated, from the effective date, as given by the PRA.
Marginal Citations
M1Section 55L inserted by section 11 of the Financial Services Act 2012; section 196 substituted by paragraph 36 of Schedule 4 to that Act.
M2Sections 192A to 192M inserted by section 27 of the Financial Services Act 2012.