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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)”.