Glossary

Looking for the right term then try the glossary:

Term Definition Legal instruments

current approved person approval

10/12/2018

THIS DEFINITION ONLY APPLIES TO THE NON-SOLVENCY II FIRMS – 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 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 relevant rules in the FCA Handbook; or

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