1

This schedule sets out the transitional provisions in REC.

2

The Recognition Requirements Regulations also contain transitional provisions applying to recognised bodies.

3

GEN also contains some technical transitional provisions that apply throughout the Handbook and which are designed to ensure a smooth transition at commencement. These include transitional provisions relevant to record keeping and notification requirements

1

REC 3 and REC 6

R

In this schedule,

(1) "annual report" means a report which anoverseas recognised bodyhas to submit to theFSAaftercommencementunder section 295(1) of theActor any similar or analogous report which an existing overseas recognised body has submitted to the Treasury beforecommencement,

(2) "due date" means the date or time specified in the Financial Services (Notification by Recognised Bodies) Regulations 1995 by which an existing UK recognised body was obliged under those regulations to fulfil the existing notification obligation to which the due date relates;

(3) "existing notification obligation" means any obligation arising under the Financial Services (Notification by Recognised Bodies) Regulations 1995 to give notice of the occurrence of any event or any information to theFSA;

(4) "existing overseas recognised body" means anoverseas investment exchangeor anoverseas clearing housewhich was a recognised investment exchange or a recognised clearing house under the Financial Services Act 1986 and which is arecognised investment exchangeor arecognised clearing houseunder Regulation 9(3) or 9(5) of theRecognition Requirements Regulations;

(5) "existing UK recognised body" means a recognised investment exchange or a recognised clearing house under the Financial Services Act 1986 which is arecognised investment exchangeor arecognised clearing houseunder Regulation 9(2) or 9(4) of the Recognition Requirements Regulationsand which is not an existing overseas recognised body.

Commencement until one year after commencement

Commencement

2

REC 3

R

Where the due date for an existing notification obligation fell beforecommencementand that obligation had not been discharged by the existing UK recognised body beforecommencement, the existing UK recognised body must immediately fulfil that existing notification obligation.

Commencement until one year after commencement

Commencement

3

REC 3

R

Where the due date for an existing notification obligation falls on or aftercommencement, the existing UK recognised body must fulfil that existing notification obligation on its due date.

Commencement until one year after commencement

Commencement

4

REC 6.6.3

G

In relation to an existing overseas recognised body and in relation to its first report to the FSA after commencement under section 295 of the Act:

(1) the reference to the "last report" should be interpreted as a reference to the last annual report submitted to the Treasury; and

(2) the reference to a "recognition order" should be interpreted as a reference to the recognition order for that body made under section 40 of the Financial Services Act 1986.

Commencement until one year after commencement

Commencement

5

REC 6.7.5

R

In relation to an existing overseas recognised body that has not previously submitted an annual report to the Treasury, the reference to "recognition order" is to be read as a reference to the recognition order for that body made under section 40 of the Financial Services Act 1986, and the reference to "FSA" is to be read as a reference to the Treasury.

Commencement until one year after commencement

Commencement