Determination of applications under Part 4: decision notices given by the Authority
27.—(1) This article applies where before the commencement date, the Authority—
(a)gave a decision notice under section 52(9); and
(b)had not given a final notice on taking the action to which the decision notice related.
(2) The decision notice is to be treated as if it had been given by the relevant regulator under—
(a)section 55X(4)(a), where the notice was given by the Authority under section 52(9)(a) and the Authority decided to exercise its power under section 42(7)(a) or (b);
(b)section 55X(4)(b) and (e), where the notice was given by the Authority under section 52(9)(a) and the Authority decided to exercise its power under section 43(1);
(c)section 55X(4)(c), where the notice was given by the Authority under section 52(9)(b) and the Authority decided to exercise its power under section 42(7)(a) or (b);
(d)section 55X(4)(d) and (e), where the notice was given by the Authority under section 52(9)(b) and the Authority decided to exercise its power under section 43(1);
(e)section 55X(4)(f), where the notice was given by the Authority under section 52(9)(c).
(3) In this article, the “relevant regulator” means—
(a)where the decision notice had been referred to the Tribunal before the commencement date, the FCA; and
(b)where the decision notice had not been referred to the Tribunal before the commencement date—
(i)in relation to section 55X(4)(e), the FCA; and
(ii)in relation to section 55X(4)(a), (b), (c), (d) and (f)—
(aa)the PRA, if the application to which the decision notice relates would have been made to the PRA as the appropriate regulator within the meaning of section 55A (application for permission) had the application been made on the commencement date; and
(bb)in any other case, the FCA.
(4) For the purposes of paragraph (2)(b) and (d)—
(a)the service of a notice of discontinuance by the PRA in relation to part or the whole of the decision notice does not affect the validity of the notice in relation to the FCA for the purposes of section 55X(4)(e); and
(b)the service of a notice of discontinuance by the FCA in relation to its exercise of its power under section 55L does not affect the validity of the decision notice in relation to the PRA for the purposes of section 55X(4)(b) or (d).