7.—(1) Paragraph (2) applies if—
(a)before the commencement date, the Authority—
(i)received a request or a notification within the meaning of section 195(1) or (5)(1) (exercise of power in support of overseas regulator) from an overseas regulator (within the meaning of section 195(3)), and
(ii)had not exercised its power of intervention further to that request or notification; and
(b)the request or notification could have been made to the PRA as the appropriate regulator (within the meaning of section 195(2A)) had the request or notification been made on the commencement date.
(2) The request or notification is to be treated as having been made to the PRA (as well as to the FCA).
Section 195 was amended by S.I. 2005/1433, 2007/2194 and 2011/1043 and is further amended by the 2012 Act, Schedule 4, Part 4, paragraph 34.