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The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 3) Order 2013

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

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11.—(1) The Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013(1) is amended as follows.

(2) In article 4 (prohibitions, restrictions and assets requirements), after paragraph (4), insert—

(5) Where the requirement was imposed under section 196, a reference in this article to a provision in Part 4A is to be read as a reference to that provision as applied by section 196..

(3) In article 7 (variation or cancellation of requirement in force before the commencement date)—

(a)in paragraph (2), after “applies” insert “to a requirement treated as imposed under that Part”;

(b)after paragraph (2), insert—

(2A) Section 200 (rescission and variation of requirements) applies to a requirement imposed under section 196 with the following modifications—

(a)the FCA may vary or rescind the requirement with the consent of the PRA; and

(b)the PRA may vary or rescind the requirement with the consent of the FCA.;

(c)in paragraph (3)—

(i)after “(2)” insert “or (2A)”;

(ii)in sub-paragraph (a), after “or 55M” insert “or its power of intervention under section 196 (the power of intervention)”;

(d)in paragraph (5)—

(i)in sub-paragraph (a), after “55L” insert “or, where article 3(6) applies (see article 3(5)), section 196”;

(ii)in sub-paragraph (b), after “(2)” insert “or, as the case may be, (2A)”.

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