General transitional and saving provisions
48.—(1) A relevant transfer from the HCA to the Regulator does not affect the validity of anything done (or having effect as if done) by or in relation to the HCA before the transfer takes effect.
(2) Anything that—
(a)is done (or has effect as if done) by or in relation to the HCA in respect of anything transferred under a relevant transfer, and
(b)has effect immediately before the date on which the relevant transfer took place,
is to be treated as done by or in relation to the Regulator.
(3) There may be continued by or in relation to the Regulator anything (including legal proceedings) that—
(a)relates to anything transferred under a relevant transfer, and
(b)is in the process of being done by, on behalf of, or in relation to the HCA immediately before the date on which the relevant transfer took place.
(4) Sub-paragraph (5) applies to any document that—
(a)relates to anything transferred under a relevant transfer, and
(b)is in effect immediately before the date on which the relevant transfer took place.
(5) Any references (however expressed) in the document to the HCA or to the Regulation Committee are to be read, so far as is necessary, as references to the Regulator.
(6) In sub-paragraphs (1) to (3) and (5) a reference to the HCA is to the HCA acting through or for the purposes of the functions of the Regulation Committee.
(7) References in this paragraph to “relevant transfer” are to—
(a)the transfer of any function from the HCA to the Regulator, or
(b)the transfer from the HCA to the Regulator under paragraph 45 of any property, rights or liabilities.