Schedule 2: Prudential regulation of FCA investment firms Part 3: Transitional provision
Part 3 of Schedule 2 concerns rules made, and consultations conducted prior to the provisions in new Part 9C of FSMA coming into force. It specifies that the FCA may fulfil its duty to make rules for FCA investment firms through existing rules, and that these existing rules are not retroactively subject to the accountability framework described in sections 143G and 143H. After this Schedule comes into force, the FCA must publish a list of such rules and a statement which explains how the FCA has considered the risks in sections 143C(2) and 143D(2) as well as the matters in section 143G(1) and the likely effect of the rules on equivalence decisions, when determining that such rules should be Part 9C rules. The FCA may also rely on consultations conducted prior to the commencement of Part 9C. Paragraph 21 specifies what counts as a relevant equivalence decision and paragraph 22 sets out that the carbon target described in section 143G(1) applies to Part 9C rules made after 1 January 2022. Paragraph 23 is self-explanatory.