PRIN TP 1 Transitional provisions
PRIN TP 1.1
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Material to which the transitional provision applies |
Transitional Provision |
Transitional Provision: dates in force |
Handbook provision: coming into force |
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11. |
PRIN 1 Annex 1 R 1.2(2) |
R |
A firm need not comply with PRIN Ann 1R 1.2(2) in relation to an eligible counterparty if the client was correctly categorised as a market counterparty on 31 October 2007 and the firm complied with COB 4.1.12 R (2) (Large intermediate customer classified as market counterparty). |
From 1 November 2007 indefinitely |
1 November 2007 |
22 |
R |
Principle 12 and PRIN 2A apply in relation to ancillary activities or other connected activities in accordance with PRIN 3.2 where those activities are carried on after 31 July 2023 regardless of whether the underlying activities were carried on before or after 31 July 2023. |
From 31 July 2023 indefinitely |
31 July 2023 |
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23 |
G |
An example of how PRIN TP 1.1 paragraph 2 applies is that a firm which has accepted a deposit prior to 31 July 2023 would be subject to Principle 12 and PRIN 2A in respect of customer services or other ancillary activities related to that deposit carried on after 31 July 2023. |
From 31 July 2023 indefinitely |
31 July 2023 |
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24 |
R |
Except to the extent specified in PRIN TP5 and TP6, the provisions listed in column 2 only apply to a closed product from 31 July 2024. |
From 31 July 2023 indefinitely |
31 July 2023 |
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25 |
R |
A manufacturer of a closed product must review the closed product by 31 July 2024 and ensure it meets the requirements of PRIN 2A.3 and PRIN 2A.4, including taking any appropriate mitigating action required by those rules. |
From 31 July 2023 to 31 July 2024 |
31 July 2023 |
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26 |
R |
Where a firm proposes to sell a book of closed products between 31 July 2023 and 30 July 2024 inclusive: |
From 31 July 2023 to 31 July 2024 |
31 July 2023 |
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(1) the purchasing firm will only be required to comply with Principle 12 and PRIN 2A from 31 July 2024; |
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(2) the selling firm is not required to provide the information specified in PRIN 2A.11.4R(3)(b) and (d); and |
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(3) the selling firm must provide relevant information to enable the purchasing firm to comply with the obligations that will apply to it from 31 July 2024. |
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27 |
PRIN 2A.8.3R-2A.8.5R and PRIN 2A.9 |
G |
Where a firm has both existing and closed products the first annual report compiled by the firm under PRIN 2A.8.3R-2A.8.5R using its monitoring under PRIN 2A.9 need only refer to the firm’s new and existing products. |
From 31 July 2023 indefinitely |
31 July 2023 |