45.—(1) This article applies where the Regulator—
(a)gave written notice to a relevant person (“A”) under regulation 46(4) of the 2006 Regulations that the Regulator proposed to cancel A’s authorisation; and
(b)did not, on or before 1st April 2019, give written notice under regulation 47(1) of the 2006 Regulations of a decision to cancel A’s authorisation.
(2) Where, immediately before 1st April 2019, A is not a 2000 Act authorised person, the Regulator’s notice is to be treated as a warning notice given under section 55Z(1)(1) of the 2000 Act, and for this purpose—
(a)the notice is taken to comply with section 387(1) (warning notices) of the 2000 Act;
(b)the notice is to be read—
(i)as if a reference to the Regulator were a reference to the FCA;
(ii)as if the period specified in it for making a written submission (including any further period allowed under regulation 46(5) of the 2006 Regulations) were the period for making representations specified in accordance with section 387(2) of the 2000 Act; and
(iii)with any other necessary modifications.
(3) Where, immediately before 1st April 2019, A is a 2000 Act authorised person, the Regulator’s notice is to be treated as written notice given by the FCA under section 55Y(4) of the 2000 Act, and for this purpose—
(a)subsection (2) of that section does not apply to the notice;
(b)the notice is taken to comply with subsection (5) of that section; and
(c)the notice is to be read—
(i)as if a reference to the Regulator were a reference to the FCA;
(ii)as if the period specified in it for making a written submission (including any further period allowed under regulation 46(5) of the 2006 Regulations) were the period for making representations specified in accordance with section 55Y(5)(c) of the 2000 Act; and
(iii)with any other necessary modifications.
Section 55Z was inserted by the Financial Services Act 2012, section 11(2).