28U.K.After section 83 insert—
“Banks not regulated by PRAU.K.
83AModifications of Part
(1)In the application of this Part to an FCA-regulated bank the modifications specified in the Table apply.
(2)In this section—
“FCA-regulated bank” means a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000;
“immediate group” has the meaning given by section 421ZA of the Financial Services and Markets Act 2000;
“PRA-authorised person” has the meaning given by section 2B(5) of that Act.
TABLE OF MODIFICATIONS
| Provision | Modification |
|---|---|
| Section 7 | (a)Treat the references to the PRA in subsections (1), (4), (4A) and (5) as references to the FCA. (b)Ignore subsection (5)(aa). (c)If the bank has as a member of its immediate group a PRA-authorised person the FCA must consult the PRA before determining whether or not Condition 2 is met. |
| Section 8 | Subsection (3)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 9 | Subsection (4)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 24 | Ignore subsection (1)(c). |
| Section 25 | Ignore subsection (2)(c). |
| Section 26 | Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 26A | Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 27 | Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 28 | Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 29 | Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 30 | Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 31 | Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 41 | Ignore subsection (1)(c). |
| Section 42 | Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 42A | Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 43 | Subsection (7)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 44 | Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 45 | Subsection (8)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 46 | Subsection (7)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person. |
| Section 81B | (a)Treat the reference to the PRA in subsection (2) as a reference to the FCA. (b)Ignore subsection (6)(b). |
| Section 82 | (a)Treat the reference to the PRA in subsection (2) as a reference to the FCA. (b)Ignore subsection (5)(a).” |
Commencement Information
I1Sch. 17 para. 28 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.