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The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013

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2.—(1) Where, immediately before the commencement date, a person had a Part 4 permission to carry on a specified regulated activity or specified regulated activities, the person is to be treated as having permission to carry on that regulated activity or those regulated activities given by—

(a)the PRA(1) under section 55F(2) (giving permission: the PRA) if—

(i)the permitted regulated activity or regulated activities consist of or include an activity which is, on the commencement date, a PRA-regulated activity, or

(ii)the person is, on the commencement date, a PRA-authorised person by virtue of section 2B(5)(b)(3) (the PRA’s general objective); and

(b)the FCA(4) under section 55E (giving permission: the FCA) in any other case.

(2) Where, immediately before the commencement date, the description of a permitted regulated activity incorporated a limitation, the limitation is to be treated as if incorporated by—

(a)the PRA under section 55F(4) if paragraph (1)(a) applies; or

(b)the FCA under section 55E(5) in any other case.

(1)

Section 2A(2) of FSMA 2000 defines “the PRA” as meaning the Prudential Regulation Authority.

(2)

Sections 55A to 55Z4 are substituted for sections 40 to 55 by the 2012 Act, section 11.

(3)

Section 2B is inserted by the 2012 Act, section 6.

(4)

Section 1A(2) of FSMA 2000 defines “the FCA” as meaning the Financial Conduct Authority.

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