SUP TP 5 Transitional provisions for SUP 10A
15.1 |
Benchmark submitters or benchmark administrators: authorised firm |
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5.1.1 |
R |
SUP TP 5.1 applies to a firm whose permission is varied by article 4 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2015 (SI 2015/369) (Transitional provisions). |
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5.1.2 |
R |
For the periods in SUP TP 5.1.3R: |
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(1) |
the benchmark submission function does not apply to a benchmark submitter; and |
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(2) |
the benchmark administration function does not apply to a benchmark administrator. |
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5.1.3 |
R |
SUP TP 5.1.2R applies from 1 April 2015: |
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(1) |
until 15 April 2015; or |
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(2) |
if the firm applies for the relevant controlled function in SUP TP 5.1.2R by 15 April 2015, until its application for approval has been finally decided. |
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5.1.4 |
R |
An application is finally decided for the purpose of SUP TP 5.1: |
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(1) |
when the application is withdrawn; or |
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(2) |
when the appropriate regulator grants the application for approval under section 62 of the Act (applications for approval: procedure and right to refer to the Tribunal); or |
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(3) |
where the appropriate regulator 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; or |
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(4) |
where the appropriate regulator has refused an application and the matter is referred to the Tribunal, when: |
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(a) |
if the reference is determined by the Tribunal, the time for bringing an appeal has expired; or |
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(b) |
on an appeal from a determination by the Tribunal, the court itself determines the application. |
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5.2 |
Benchmark submitters or benchmark administrators: new firm |
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5.2.1 |
R |
SUP TP 5.2 applies to a firm that is granted an "interim permission" under article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2014 (SI 2015/369) (Interim permission). |
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5.2.2 |
R |
For the periods in SUP TP 5.2.3R, no controlled function applies. |
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5.2.3 |
R |
SUP TP 5.2.2R applies from 1 April 2015: |
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(1) |
until 15 April 2015; or |
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(2) |
if the firm applies for any controlled function in SUP TP 5.1.2R by 15 April 2015, in respect of that controlled function, until the application for approval has been finally decided. |
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5.2.4 |
R |
An application for approval of the performance of a controlled function is finally decided for the purpose of SUP TP 5.2 in the circumstances described in SUP TP 5.1.4R. |