Interpretation

1.1

This Part applies to a firm.

2.1

Every provision in the PRA Rulebook must be interpreted in the light of its purpose.

2.2

In the PRA Rulebook, save as otherwise indicated in a Part of the PRA Rulebook, an expression in italics defined:

1. (1) in the PRA Rulebook Glossary has the meaning given in that glossary;
2. (2) for the purposes of FSMA has the meaning given in that Act;
3. (3) in the Interpretation Act 1978 has the meaning given in that Act.

2.3

Save as otherwise indicated, the Interpretation Act 1978 applies to the PRA Rulebook.

2.4

A reference in the PRA Rulebook to another provision in the PRA Rulebook is a reference to that provision as amended from time to time.

2.5

In the PRA Rulebook, a rule made by the PRA under section 137G of FSMA applies to a firm with respect to the carrying on of any activities, except to the extent that a contrary intention appears.

2.6

If a firm is dissolved, but its authorisation continues to have effect under section 32 (Partnerships and unincorporated associations) of FSMA in relation to any partnership or unincorporated association that succeeds to the business of the dissolved firm, the successor partnership or unincorporated association is to be regarded as the same firm for the purposes of the PRA Rulebook unless the context otherwise requires.