s 81 Saving and transitional provisions
81.—(1) Any person (Y) that, immediately before 31 May 2021, is recognised as a credit bureau by the Authority by notification in the Gazette for the purposes of the Third Schedule to the Banking Act 1970, is treated as having been granted a licence under section 7(3) of this Act to carry on consumer credit reporting business (called in this section a transitional licence) until —(a) 6 months after 31 May 2021; or (b) where Y applies for a licence on or before the end of the period in paragraph (a), the date on which the licence is granted to Y or the application is refused or withdrawn. (2) Any condition to which Y is subject as a recognised credit bureau in subsection (1) immediately before 31 May 2021 is, to the extent that it is consistent with the provisions of this Act, treated as a condition to which Y is subject under its transitional licence. (3) Subject to subsection (4), any person (X) (not being a person set out in the First Schedule) that immediately before 31 May 2021 is a member of Y, is treated as having been approved under section 29(6) of this Act as an approved member of Y until —(a) 6 months after 31 May 2021; or (b) where an application is made for X to be an approved member on or before the end of the period in paragraph (a), the date on which the Authority approves X as an approved member or the application is refused or withdrawn. (4) Any individual who, immediately before 31 May 2021, is a chief executive officer or director of Y, is treated as having been appointed as a chief executive officer or director of the licensed credit bureau with the approval of the Authority under section 46(2)(b) of this Act. (5) For a period of 2 years after 31 May 2021, the Minister may, by regulations, prescribe such further saving, transitional and other consequential provisions as the Minister may consider necessary or expedient.[84