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The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015

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Power for the regulators to specify equivalent functions

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17.—(1) Either or both of the regulators may make rules—

(a)specifying post-implementation controlled functions (each an “equivalent function”) that are to be treated (alone or with one or more other post-implementation controlled functions) as equivalent to a pre-implementation controlled function for the purposes of this Order;

(b)providing which post-implementation controlled functions an approval or application is to be treated as relating to in the event that—

(i)a person would otherwise as a result of article 4 be treated as having approval in relation to a relevant authorised person to perform the designated senior management functions described in paragraph (2); or

(ii)an application would otherwise as a result of article 12 be treated as an application for approval in relation to a relevant authorised person to perform the designated senior management functions described in paragraph (2).

(2) The designated senior management functions described in this paragraph are—

(a)two or more designated senior management functions of a description specified by the same regulator, or

(b)one or more designated senior management functions of a description specified by the PRA and one or more designated senior management functions of a description specified by the FCA.

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