(This note does not form part of the Order)
This Order makes transitional provision for people who are subject to a regime requiring them to notify a significant shareholding in an authorised person and who will fall within Part XII of the Financial Services and Markets Act 2000 (c. 8) ("the Act"). People who are currently subject to a requirement to notify their proposed appointment, for example as a director of an authorised person, and would fall after commencement within the approved persons regime in Part V of the Act are covered by the Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001 (S.I. 2001/2636).
This Order deals both with the status after commencement of people who have been approved as shareholder controllers under existing regimes and with partly completed procedures, for example, where a notification of control is outstanding when Part XII of the Act is commenced.
The Order also provides that the Authority can exercis
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