Part V

Performance of Regulated Activities

Approval

Specifying functions as controlled functions: transitional provision
59AB
1
In relation to rules made by the FCA or the PRA under section 59, the power conferred by section 137T(c) to make transitional provision includes in particular power—
a
to provide for anything done under this Part
or Chapter 2A of Part 18
in relation to controlled functions of a particular description to be treated as having been done in relation to controlled functions of a different description;
b
to provide for anything done under this Part
or Chapter 2A of Part 18
(including any application or order made, any requirement imposed and any approval or notice given) to cease to have effect, to continue to have effect, or to continue to have effect with modifications, or subject to time limits or conditions;
c
to provide for rules made by the regulator making the rules under section 59 to apply with modifications;
d
to make saving provision.
2
The Treasury may by regulations make whatever incidental, consequential, transitional, supplemental or saving provision the Treasury consider appropriate in connection with the making of rules by the FCA or the PRA under section 59.
3
Regulations under subsection (2) may—
a
confer functions on the FCA or the PRA (including the function of making rules);
b
modify, exclude or apply (with or without modifications) any primary or subordinate legislation (including any provision of, or made under, this Act).
Pt. 5 modified (1.12.2001) by S.I. 2001/3592, arts. 1(2), 114(3)(a), 128(3)(a) (with art. 23(2))
Pt. 5 modified (7.11.2018) by The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), regs. 1(2), 23 (with regs. 4, 22, 26(1)(2)) (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2))
Ss. 59A, 59B inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 14(2), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
Words in s. 59AB(1) inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 5
Pt. 5 modified by S.I. 2018/1149, reg. 69 (as inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 4)
S. 59AB inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 22(2), 41(3); S.I. 2016/627, reg. 2(1)(p)