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The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) (Amendment) Order 2015

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Amendments to article 10 (period for consideration of an application to perform controlled functions)

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4.—(1) Article 10 is amended as follows.

(2) Article 10 becomes article 10(1).

(3) After article 10(1) insert—

(2) In this article the “rule-making date” means—

(a)in relation to a pre-implementation application concerning the performance of controlled functions in relation to a relevant non-UK institution (whether on the date concerned the institution is a class 1 or a class 2 firm)—

(i)the date on which both regulators publish rules made under article 17 specifying in relation to relevant non-UK institutions equivalent functions for the purposes of this Order; or

(ii)if the regulators publish such rules on different dates, the last day on which such rules are published;

(b)in relation to a pre-implementation application concerning the performance of controlled functions in relation to an insurer that is not a solvency-II firm—

(i)the date on which both regulators publish rules made under article 17 specifying in relation to such insurers equivalent functions for the purpose of this Order; or

(ii)if the regulators publish such rules on different dates, the last day on which such rules are published; and

(c)in relation to a pre-implementation application concerning the performance of controlled functions in relation to any other firm—

(i)the date on which both regulators publish rules made under article 17 specifying in relation to such firms equivalent functions for the purposes of this Order; or

(ii)if the regulators publish such rules on different dates, the last day on which such rules are published.

(3) For the purposes of this article—

(a)“relevant non-UK institution” has the meaning given in article 10A (relevant non-UK institutions); and

(b)“solvency II firm” has the meaning given in article 10B (solvency II firms).

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