16.—(1) Where a person makes an application to the PRA in accordance with paragraphs (1) and (2) of regulation 15, the person may also make an application under section 59 (approval for particular arrangements) of FSMA(1).
(2) The application is to be treated for the purposes of FSMA as an application made by the applicant on behalf of the proposed protected cell company.
(3) The provisions of FSMA apply to such an application, but the provisions specified in the first column of Table 2(2) apply with the modifications specified in the second column of Table 2.
| Provision of FSMA | Modification |
|---|---|
| Section 60 (applications for approval) | In subsection (1), treat the reference to the authorised person concerned as a reference to the applicant on behalf of the proposed protected cell company. |
| In the rest of the section, treat the references to the authorised person concerned as including references to the proposed protected cell company. | |
| Section 60A (vetting of candidate) | On the coming into force of paragraph 5 of Schedule 4 to the Bank of England and Financial Services Act 2016(3), references to an authorised person are to be treated as references to the applicant on behalf of the proposed protected cell company. |
| Section 61 (determination of applications) | In subsection (5), ignore paragraph (b). |
| Section 62 (applications for approval: procedure and right to refer to Tribunal) | Subsection (2) does not apply where the regulator to which an application is made proposes to grant the application subject to conditions or for a limited period, and the applicant and the person in respect of whom the application has been made have consented to those conditions or that limited period. |
| Subsection (3) does not apply where the regulator to which an application is made decides to grant the application subject to conditions or for a limited period, and the applicant and the person in respect of whom the application has been made have consented to those conditions or that limited period. | |
| In subsection (5), ignore paragraph (c). | |
| Section 62A (changes in responsibilities of senior managers) | An application made by the applicant on behalf of the proposed protected cell company is to be treated, for the purposes of subsection (1)(a), as an application made by the proposed protected cell company. |
| Section 63 (withdrawal of approvals) | On the coming into force of paragraph 8 of Schedule 4 to the Bank of England and Financial Services Act 2016, an application made by the applicant on behalf of the proposed protected cell company is to be treated, for the purposes of subsection (2A), as an application made by the proposed protected cell company. |
| Section 390 (final notices) | Where the PRA gives a final notice under this section, the PRA must send a copy of the final notice to the FCA without delay. |
Section 59 has been amended by sections 14 and 15 of and Schedule 5 to the Financial Services Act 2012, S.I. 2012/1906, sections 18 and 35 of and Schedule 3 to the Financial Services (Banking Reform) Act 2013, S.I. 2013/1773, and section 21 of and Schedule 4 to the Bank of England and Financial Services Act 2016.
Sections 60, 61 and 62 have been amended by sections 14 and 15 of and Schedules 4 and 5 to the Financial Services Act 2012, sections 20 to 23 of and schedule 4 to the Financial Services (Banking Reform) Act 2013, and section 21 of and Schedule 4 to the Bank of England and Financial Services Act 2016. Section 62A was inserted by section 24 of the Financial Services (Banking Reform) Act 2013 and amended by sections 21 and 23 of and Schedule 4 to the Bank of England and Financial Services Act 2016.