There has been published on the legislation.gov.uk website the Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) Order 2015 (the Order) together with an explanatory memorandum.
The basis of the new senior managers regime (as currently of the approved persons regime) is the approval by the PRA and the FCA of persons who are to perform certain functions in authorised financial services firms. These functions are known as controlled functions and their descriptions are specified in rules made by the regulators. New definitions of the types of controlled functions were put in place by the Financial Services (Banking Reform) Act 2013.
The Order makes transitional and savings provisions in connection with these changes. Its main purpose is to ensure that persons who are approved to perform current controlled functions can be approved to perform new controlled functions (without an application having to be made to perform those new functions) which correspond to their actual duties, and which are consistent with the current controlled functions they are approved to perform. The Order also makes similar provision for applications for approval to perform controlled functions which are being considered by the regulators on 7 March 2016.
The Order will enter into force on 26 March 2015.