(This note is not part of the Order)

This Order makes transitional and savings provisions in connection with the commencement of Part 4 of the Financial Services (Banking Reform) Act 2013 (the "2013 Act"), which makes amendments to Part 5 of the Financial Services and Markets Act 2000 ("FSMA").

Part 2 makes provision about people who, before 7th March 2016, have approval to perform a controlled function in relation to a firm that is authorised to carry on regulated activities.

Article 2 makes provision about the conditions that must be met for a person who, before the 7th March 2016, has an approval to perform controlled functions in relation to a firm to continue to have approval on and after the 7th March 2016.

Article 3 sets out additional conditions for the continuation of an approval.

Article 4 makes provision about the treatment, on and after 7th March 2016, of a continuing approval for the purposes of Part 5 of FSMA. In particular, it specifies what functions the approval is to be treated as relating to.

Article 5 confers power on either regulator to impose further requirements about the form and content of a notice given in accordance with article 2.

Article 6 requires a notice given in accordance with article 2 (or any revision of that notice) to be updated if there is a change relating to information given in, or accompanying, the notice.