General
2.—(1) For the purposes of the provisions specified in sub-paragraph (2), functions transferred by this Order are to be treated as functions conferred on the FCA under a provision of FSMA 2000.
(2) The provisions are—
(a)section 1A(3) and Schedule 1ZA (which make general provision in relation to the FCA and its functions);
(b)section 1S (reviews);
(c)section 3D (duty of FCA and PRA to ensure co-ordinated exercise of functions);
(d)section 3E (memorandum of understanding);
(e)sections 3I to 3K(1) (power of PRA to restrain proposed action by FCA);
(f)section 139A(2) (power of the FCA to give guidance); and
(g)section 415(3) (jurisdiction in civil proceedings).
3.—(1) For the purposes of the provisions specified in sub-paragraph (2), functions transferred by this Order are to be treated as functions conferred on the PRA under a provision of FSMA 2000.
(2) The provisions are—
(a)section 2A(3) and Schedule 1ZB (which make general provision in relation to the PRA and its functions);
(b)sections 2B to 2I (the PRA’s general duties);
(c)section 2O(4) (reviews);
(d)sections 3D (duty of FCA and PRA to ensure co-ordinated exercise of functions);
(e)section 3E (memorandum of understanding); and
(f)sections 3I to 3K (power of PRA to restrain proposed action by FCA).
4. As it applies by virtue of paragraphs 2(2)(e) and 3(2)(f), section 3I (power of PRA to require FCA to refrain from specified action) is to be read as if—
(a)the references in subsection (2) of that section to regulatory powers were references to the functions transferred by this Order; and
(b)subsections (2)(b) and (3) of that section were omitted.
5.—(1) The FCA must maintain arrangements designed to enable it to determine whether persons are complying with requirements imposed on them by or under—
(a)the legislation relating to mutual societies;
(b)the Industrial and Provident Societies Act 1975(5);
(c)the Industrial and Provident Societies Act 1978(6).
Sections 1A, 1S, 3D, 3E, and 3I to 3K of, and Schedule 1ZA to, FSMA 2000 are inserted by section 6 of and Schedule 3 to the 2012 Act.
Section 139A of FSMA 2000 is inserted by section 24 of the 2012 Act.
Section 415 of FSMA 2000 is amended by section 16(14)(j) of, and paragraph 24 of Schedule 18 to, the 2012 Act.
Sections 2A to 2I and section 2O of, and Schedule 1ZB to, FSMA 2000 are inserted by section 6 of and Schedule 3 to the 2012 Act.