Status: You are viewing the version of the handbook as on 2016-10-03.

SUP TP 5 Transitional provisions for SUP 10A

15.1

Benchmark submitters or benchmark administrators: authorised firm

5.1.1

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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).

5.1.2

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For the periods in SUP TP 5.1.3R:

(1)

the benchmark submission function does not apply to a benchmark submitter; and

(2)

the benchmark administration function does not apply to a benchmark administrator.

5.1.3

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SUP TP 5.1.2R applies from 1 April 2015:

(1)

until 15 April 2015; or

(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.

5.1.4

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An application is finally decided for the purpose of SUP TP 5.1:

(1)

when the application is withdrawn; or

(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

(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

(4)

where the appropriate regulator 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.

5.2

Benchmark submitters or benchmark administrators: new firm

5.2.1

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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).

5.2.2

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For the periods in SUP TP 5.2.3R, no controlled function applies.

5.2.3

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SUP TP 5.2.2R applies from 1 April 2015:

(1)

until 15 April 2015; or

(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.

5.2.4

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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.