Financial Services Act 2012

This section has no associated Explanatory Notes

26(1)Paragraph 5 (notice to Authority) is amended as follows.

(2)In sub-paragraph (2), for “the Authority” substitute “the appropriate UK regulator”.

(3)After sub-paragraph (2) insert—

(2A)The appropriate UK regulator” means—

(a)where any of the activities to which the notice relates is a PRA-regulated activity, the PRA;

(b)in any other case, the FCA.

(2B)Where the PRA receives a notice under sub-paragraph (2), it must give a copy to the FCA without delay.

(2C)Where the FCA receives a notice under sub-paragraph (2) from—

(a)a PRA-authorised person, or

(b)a person whose immediate group includes a PRA-authorised person,

it must give a copy to the PRA without delay.

(4)For sub-paragraph (4) substitute—

(4)Subsections (1), (4) and (8) of section 55U apply to a notice under sub-paragraph (2) as they apply to an application for a Part 4A permission.

(5)In the italic heading immediately before paragraph 5, for “Authority” substitute “UK regulator”.