(1) Rules made by a regulator on or before 7th March 2016 which alter or replace a pre-implementation controlled function do not affect the power of a regulator to impose a penalty under section 63A (power to impose penalties) [Section 63A was inserted by the Financial Services Act 2010 (c. 28), section 11, and amended by the Financial Services Act 2012, section 15 and Schedule 5, paragraphs 1, 8 and the 2013 Act, section 28 and Schedule 3, paragraph 4.] in respect of the performance of that controlled function before 7th March 2016.

(2) Paragraph (3) applies in a case where -

(a) a controlled function ("the relevant function") was, immediately before 7th March 2016, a controlled function of a description specified in rules made by the PRA, and

(b) on and after that date the equivalent function is a controlled function of a description specified in rules made by the FCA.

(3) For the purposes of imposing a penalty under section 63A in respect of the performance of the relevant function at any time before 7th March 2016 -