PART 4Power for the regulators to specify equivalent functions and make provision about approvals
Power for the regulators to specify equivalent functions17
1
Either or both of the regulators may make rules—
a
specifying post-implementation controlled functions (each an “equivalent function”) that are to be treated (alone or with one or more other post-implementation controlled functions) as equivalent to a pre-implementation controlled function for the purposes of this Order;
b
providing which post-implementation controlled functions an approval or application is to be treated as relating to in the event that—
i
a person would otherwise as a result of article 4 be treated as having approval in relation to a relevant authorised person to perform the designated senior management functions described in paragraph (2); or
ii
an application would otherwise as a result of article 12 be treated as an application for approval in relation to a relevant authorised person to perform the designated senior management functions described in paragraph (2).
2
The designated senior management functions described in this paragraph are—
a
two or more designated senior management functions of a description specified by the same regulator, or
b
one or more designated senior management functions of a description specified by the PRA and one or more designated senior management functions of a description specified by the FCA.