(This note does not form part of the Order)

This Order sets out the transitional arrangements for ensuring that people who have been authorised to carry on particular business under the various regulatory regimes replaced by the Financial Services and Markets Act 2000 (c. 8) ("the Act") are treated as authorised persons with the appropriate permission for the purposes of that Act. The current regulatory regimes covered by this Order are the Financial Services Act 1986 (c. 60), the Banking Act 1987 (c. 22), the Insurance Companies Act 1982 (c. 50), the Friendly Societies Act 1992 (c. 40), the Building Societies Act 1986 (c. 53), the Banking Coordination (Second Council Directive) Regulations 1992 (S.I. 1992/3218) and the Investment Services Regulations 1995 (S.I. 1995/3275).

Part I of the Order specifies the commencement dates for different provisions of the Order and defines certain terms used in the Order.

Part II provides that people who are authorised or exempted from the need for authorisation under certain provisions of the current regulatory regimes are treated, on the commencement of the Act, has having permission to carry on the activities they were able lawfully to carry on immediately before commencement by reason of that authorisation or exemption. Chapter II of this Part provides that EEA firms who have complied with the procedure for exercising their passporting rights into the United Kingdom are treated as having complied with the procedures in Schedule 3 to the Act.