Financial Services Act 2012

39(1)Section 199 (additional procedure for EEA firms in certain cases) is amended as follows.U.K.

(2)In subsection (1), for “the Authority” substitute “ a regulator ”.

(3)In subsection (2)(a)(i), for “the Authority” substitute “ that regulator ”.

(4)In subsections (3) to (11), for “the Authority” substitute “ the regulator ”.

(5)After subsection (11) insert—

“(12)Subsection (3) is not to be regarded as requiring the PRA to take action in relation to the contravention of a relevant requirement in a case where it is satisfied that the FCA is required to act, and is acting or has acted, under subsection (3)—

(a)in relation to that requirement, or

(b)where that requirement is imposed by rules made by the PRA, in relation to an identical requirement imposed by rules made by the FCA.”