Section 427(2)

The order may, in particular— if it makes provision about the authorisation and permission of persons who before commencement were entitled to carry on any activities, also include provision for such persons not to be treated as having any authorisation or permission (whether on an application to a regulator or otherwise); make provision enabling a regulator to require persons of such descriptions as it may direct to re-apply for permissions having effect by virtue of the order; make provision for the continuation as rules of such provisions (including primary and subordinate legislation) as may be designated in accordance with the order by a regulator, including provision for the modification by a regulator of provisions designated; make provision about the effect of requirements imposed, liabilities incurred and any other things done before commencement, including provision for and about investigations, penalties and the taking or continuing of any other action in respect of contraventions; make provision for the continuation of disciplinary and other proceedings begun before commencement, including provision about the decisions available to bodies before which such proceedings take place and the effect of their decisions; make provision as regards the FCA’s obligation to maintain a record under section 347 as respects persons in relation to whom provision is made by the order.

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Source: legislation.gov.uk · retrieved 2026-09-04