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Term Definition Legal instruments

current approved person approval

10/12/2018

THIS DEFINITION ONLY APPLIES TO THE SENIOR MANAGERS REGIME - APPLICATIONS AND NOTIFICATIONS PART

means

(1) an approval granted to a person under section 59 of FSMA (Approval for particular arrangements):

(a) by the PRA for the performance of a PRA senior management function; or

(b) by the FCA for the performance for the performance of an FCA designated senior management function or a significant influence function;

(2) a deemed approval given by:

(a) the PRA following the submission of a conversion notification; or

(b) the FCA under any equivalent process contained in rules in the FCA Handbook; or

(3) for the purposes of 2.5(2) and 2.6(1)(a), an approval granted to that person under section 59 of FSMA by either the PRA or the FCA to perform a controlled function as defined in section 59 of FSMA prior to the commencement date but which ceased (i) on or before the commencement date; and (ii) during the period specified in 2.5(2) or 2.6(1)(a), as the case may be.