45U.K.After section 129 insert—
“129ABanks not regulated by PRA
(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 95 | Treat the reference to the PRA in subsection (1) as a reference to the FCA. |
| Section 96 | (a)Treat the references to the PRA in subsections (2) and (3) as references to the FCA. (b)If the bank has as a member of its immediate group a PRA-authorised person the Bank of England must consult the PRA before applying for a bank insolvency order. (c)The FCA must consult the PRA before applying for a bank insolvency order. |
| Section 97 | Treat the reference to the PRA in subsection (1) as a reference to the FCA. |
| Section 98 | Treat the references to the PRA in subsection (2) as references to the FCA. |
| Section 100 | (a)Treat the reference to two individuals in subsection (2)(a) as a reference to one individual. (b)Ignore subsection (2)(b). (c)Ignore the reference to the PRA in subsection (6)(c). |
| Section 101 | Ignore the reference to the PRA in subsection (7). |
| Section 103 | In the Table, in the entries relating to sections 147 and 241 of the Insolvency Act 1986, treat the reference to the PRA as a reference to the FCA. |
| Section 108 | (a)Treat the reference to the PRA in subsections (1) and (2) as a reference to the FCA. (b)Ignore the duty to consult the FCA in subsection (2). (c)Ignore the reference to the PRA in subsection (3). |
| Section 109 | Ignore the reference to the PRA in subsection (4). |
| Section 113 | Ignore subsection (2)(b)(i). |
| Section 115 | Ignore subsection (2)(b)(i). |
| Section 117 | (a)Treat the reference to the PRA in subsection (2) as a reference to the FCA. (b)Ignore the duty to obtain the consent of the FCA in subsection (2)(a). |
| Section 120 | (a)Treat the references to the PRA in subsections (5), (7) and (10) as references to the FCA. (b)Ignore the duty to inform the FCA in subsection (10)(a).” |
Commencement Information
I1Sch. 17 para. 45 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.