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

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PART 1Introductory

Citation, commencement and interpretation

1.—(1) This Order may be cited as the Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015 and comes into force on 26th March 2015.

(2) In this Order—

“article 2 notice” has the meaning given in article 2(1);

“article 11 notice” has the meaning given in article 11(b);

“the appropriate regulator” means, unless the context otherwise requires—

(a)

the FCA, in respect of those notified functions or notified application functions that are controlled functions specified in rules made by the FCA under section 59 (approval for particular arrangements)(1); and

(b)

the PRA, in respect of those notified functions or notified application functions that are controlled functions specified in rules made by the PRA under section 59;

“approval” means an approval given by the FCA or the PRA to a person for the purposes of section 59;

“branch” has the meaning given in Article 13(11) of the Solvency II Directive(2);

“class 1 firm” means a relevant authorised person(3);

“class 2 firm” means—

(a)

an authorised person(4) which is—

(i)

an insurance undertaking within the meaning of Article 13(1) of the Solvency II Directive that is not—

(aa)

an insurance undertaking falling under Article 308b(1) of the Solvency II Directive; and

(bb)

excluded from the scope of the Solvency II Directive by Section 2 of Chapter 1 of Title 1 of that Directive;

(ii)

a reinsurance undertaking within the meaning of Article 13(4) of the Solvency II Directive that is not—

(aa)

a reinsurance undertaking falling under Article 308b(1) of the Solvency II Directive; and

(bb)

excluded from the scope of the Solvency II Directive by Section 2 of Chapter 1 of Title 1 of that Directive;

(iii)

a special purpose vehicle within the meaning of Article 13(26) of the Solvency II Directive;

(iv)

a third country insurance undertaking within the meaning of Article 13(3) of the Solvency II Directive which has a branch in the United Kingdom;

(v)

a third country reinsurance undertaking within the meaning of Article 13(6) of the Solvency II Directive which has a branch in the United Kingdom;

(b)

the society incorporated by Lloyd’s Act 1871(5) by the name of Lloyd’s; or

(c)

an authorised person who has permission under Part 4A of FSMA to carry on the regulated activity of managing the underwriting capacity of a Lloyd’s syndicate as a managing agent at Lloyd’s or arranging deals in contracts of insurance written at Lloyd’s(6);

“conditions for continuing approval” means the conditions set out in article 3;

“continuing approval” means an approval that continues to have effect on and after 7th March 2016 in accordance with article 2(4);

“controlled function” has the meaning given in section 59(3) (approval for particular arrangements) (7);

“designated senior management function” means a function designated as a senior management function under section 59(6A) or 59(6B) (approval for particular arrangements) (8);

“equivalent function” has the meaning given in article 17;

“FSMA” means the Financial Services and Markets Act 2000(9);

“the notification date” means, in relation to an article 2 notice or an article 11 notice, the date on which—

(a)

the notice is first received by one of the regulators(10), or

(b)

if the authorised person concerned(11) provides one or more revised article 2 notices or revised article 11 notices, the date on which the last revised notice provided is first received by one of the regulators;

“notified functions” has the meaning given in article 2(3)(a);

“notified application functions” has the meaning given in article 11(b);

“post-implementation controlled function” means a controlled function which, on or after 7th March 2016, either regulator has specified for the purposes of section 59 (approval for particular arrangements);

“pre-implementation application” means an application under section 60 (applications for approval)(12) which—

(a)

is received by the appropriate regulator (within the meaning given by section 60(9)) before 7th March 2016; and

(b)

concerns the performance of controlled functions in relation to a class 1 firm or a class 2 firm;

“pre-implementation approval” means an approval which—

(a)

is given by either regulator before 7th March 2016; and

(b)

concerns the performance of controlled functions in relation to a class 1 firm or a class 2 firm;

“pre-implementation controlled function” means a controlled function which, before 7th March 2016, either regulator has specified for the purposes of section 59 (approval for particular arrangements);

“revised article 2 notice” has the meaning given in article 6(1);

“revised article 11 notice” has the meaning given in article 14(1);

“the rule-making date” means—

(a)

the date on which both regulators make rules under article 17 specifying equivalent functions for the purposes of this Order; or

(b)

if the regulators make such rules on different days, the last day on which such rules are made;

“Solvency II Directive” means Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of insurance and re-insurance (Solvency II) (recast)(13).

(3) A reference in this Order to a provision of an Act is a reference to a provision of FSMA except where indicated otherwise.

(4) A term used in this Order which is defined in Part 5 or Part 29 of FSMA has the same meaning as in that Act.

(5) For the purposes of this Order, a reference to a permission, approval or requirement under FSMA, or to any other thing done under or for the purposes of that Act, includes a reference to a permission, approval or requirement or other thing treated as having effect or having been done under FSMA, however described, by a statutory instrument made under—

(a)section 426 (consequential and supplementary provision);

(b)section 2(2) of the European Communities Act 1972 (general implementation of Treaties)(14).

(1)

Section 59 was amended by the Financial Services Act 2012 (c. 21), section 14(1) and Schedule 5, paragraphs 1, 3; the 2013 Act, section 18 and 35, and S.I. 2012/1906, articles 3, 4. Subsection (7C) was inserted by S.I. 2013/1773.

(2)

OJ L 335, 17.12.2009, p1.

(3)

“relevant authorised person” is defined in section 71A.

(4)

“authorised person” is defined in section 31(2).

(6)

The regulated activities of managing the underwriting capacity of a Lloyd’s syndicate as a managing agent at Lloyd’s and the regulated activity of dealing in contracts of insurance written at Lloyd’s are specified respectively in articles 57 and 58 of S.I. 2001/544.

(7)

Subsection (3) was substituted by the Financial Services Act 2012 (c. 81), section 14(1), together with subsections (4) to (7B), for subsections (3) to (7) as originally enacted.

(8)

Subsections (6A) and (6B) are inserted by the 2013 Act (c. 33), section 18.

(10)

“regulator” is defined in section 417.

(11)

“authorised person concerned” is defined in section 60(6).

(12)

Section 60 was amended by the Financial Services Act 2012 (c.81), Schedule 5, paragraphs 1, 4; and the 2013 Act, section 20.

(13)

OJ L 335, 17.12.2009, p1.

(14)

1972 c.68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c.7).

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