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

Effect of a transfer election

25.—(1) Where a transfer election relates to—

(a) the whole of a notice, the notice is to be treated as if it had been given by the PRA;

(b) a specified part of a notice, the specified part is to be treated as if it had been given by—

(i) where article 24(2)(d)(ii)(aa) applies, the PRA;

(ii) where article 24(2)(d)(ii)(bb) applies, both regulators;

and section 394(1) (access to FCA and PRA material) applies accordingly.

(2) Where the FCA makes a transfer election in relation to a notice or part of a notice—

(a) any representations made—

(i) on or before the date of the transfer election,

(ii) to the Authority or to the FCA, and

(iii) in respect of the notice or specified part to which the election relates,

are to be treated as if they had been made to the PRA (as well as, where relevant, to the FCA);

(b) if the period for making representations in respect of a notice or specified part had not expired before the date of the transfer election, representations are to be made to the PRA and, where article 24(2)(d)(ii)(bb) applies, the FCA, before the end of that period; and

(c) in a case to which article 20(2)(b) or 21(2)(b) applies, any directions given by the Tribunal in relation to the notice or the specified part are to be treated as if they had been given to the PRA (as well as, where relevant, to the FCA).

(1)

Section 394 is amended by the 2012 Act, Schedule 9, Part 1, paragraph 33.