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FCA Handbook
SUP
SUP TP 4 Transitional provisions relating to SUP 1...

SUP TP 4 Transitional provisions relating to SUP 10A

TP 4.1	1Transitional provisions relating to LIBOR submitters
4.1.1 [FCA]	R	SUP TP 4.1 applies to a firm with a permission under article 7 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (Part 4A permission to carry on the activity of providing information in relation to a specified benchmark).
4.1.2 [FCA]	R	The benchmark submission function does not apply during the first transitional period.
4.1.3 [FCA]	R	The first transitional period is the period of two weeks beginning on 2 April 2013. However, if an application has been made to the FCA for the approval of the performance by a person of the benchmark submission function in relation to a firm, and that application is approved before the end of that two-week period, then the first transitional period ends, for that person and firm, when the application is approved.
4.1.4 [FCA]	R	The benchmark submission function does not apply in relation to a particular person and particular firm during the second transitional period if:
		(1)	an application has been made to the FCA for the approval of the performance by that person of the benchmark submission function in relation to that firm during the first transitional period; and
		(2)	that application has not been finally decided before the end of the first transitional period.
4.1.5 [FCA]	R	The second transitional period begins when the first transitional period ends.
4.1.6 [FCA]	R	The second transitional period ends, in relation to a particular person and firm, on the earlier of the following dates:
		(1)	the end of the six month period beginning on 2 April 2013; and
		(2)	the date on which the application referred to in SUP TP 4.1.4Ris granted
4.1.7 [FCA]	R	An application is finally decided for the purpose of SUP TP 4.1:
		(1)	when the application is withdrawn;
		(2)	when the FCA grants the application for approval under section 62 of the Act (applications for approval: procedure and right to refer to the Tribunal);
		(3)	where the FCA has refused an application and the matter is not referred to the Tribunal, when the time for referring the matter to the Tribunal has expired;
		(4)	where the FCA has refused an application and the matter is referred to the Tribunal, when:
			(a)	if the reference is determined by the Tribunal, the time for bringing an appeal has expired; or
			(b)	on an appeal from a determination by the Tribunal, the Court itself determines the application.

TP 4.2	Transitional provisions relating to LIBOR administration: New firm
4.2.1 [FCA]	R	SUP TP 4.2 applies to a firm that immediately before it was granted an interim part 4A permission under article 8 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (Interim permission in relation to administering a specified benchmark) did not hold a part 4A permission.
4.2.2 [FCA]	R	No controlled function applies during the first transitional period.
4.2.3 [FCA]	R	The first transitional period is the period of two weeks beginning on 2 April 2013. However, if an application has been made to the FCA for the approval of the performance by a person of a controlled function in relation to the firm, and that application is approved before the end of that two-week period, then the first transitional period ends, for that person, firm and controlled function, when the application is approved.
4.2.4 [FCA]	R	A controlled function does not apply in relation to a particular person and firm during the second transitional period if:
		(1)	an application has been made to the FCA for the approval of the performance by that person of that controlled function in relation to the firm during the first transitional period; and
		(2)	that application has not been finally decided before the end of the first transitional period.
4.2.5 [FCA]	R	The second transitional period begins when the first transitional period ends.
4.2.6 [FCA]	R	The second transitional period ends, in relation to a particular person and firm, on the earlier of the following dates:
		(1)	the end of the six-month period beginning on 2 April 2013;
		(2)	the date on which the application referred to in SUP TP 4.2.4R is finally decided; or
		(3)	the date on which the firm's interim permission lapses as set out in Article 8(4) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013
4.2.7 [FCA]	R	An application for approval of the performance of a controlled function is finally decided for the purpose of SUP TP 4.2 in the circumstances described in SUP TP 4.1.7R.

TP 4.3	Transitional provisions relating to LIBOR administration: Existing firm
4.3.1 [FCA]	R	SUP TP 4.3 applies to a firm that was granted an interim Part 4A permission under article 8 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (Interim permission in relation to administering a specified benchmark) and already held a Part 4A permission.
4.3.2 [FCA]	R	The benchmark administration function does not apply during the first transitional period.
4.3.3 [FCA]	R	The first transitional period is the period of two weeks beginning on 2 April 2013. However, if an application has been made to the FCA for the approval of the performance by a person of the benchmark administration function in relation to the firm, and that application is approved before the end of that two-week period, then the first transitional period ends, for that person and firm, when the application is approved.
4.3.4 [FCA]	R	The benchmark administration function does not apply in relation to a particular person and firm during the second transitional period if:
		(1)	an application has been made to the FCA for the approval of the performance by that person of the benchmark administration function in relation to the firm during the first transitional period; and
		(2)	that application has not been finally decided before the end of the first transitional period.
4.3.5 [FCA]	R	The second transitional period begins when the first transitional period ends.
4.3.6 [FCA]	R	The second transitional period ends, in relation to a particular person and firm, on the earlier of the following dates:
		(1)	the end of the six-month period beginning on 2 April 2013;
		(2)	the date on which the application referred to in SUP TP 4.3.4R is finally decided; or
		(3)	the date on which the firm's interim permission lapses as set out in Article 8(4) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2013
4.3.7 [FCA]	R	An application for approval of the performance of a controlled function is finally decided for the purpose of SUP TP 4.3 in the circumstances described in SUP TP 4.1.7R.