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Regulation 21 Interpretation

Original text. Later amendments are not shown.

(1)

In this Part—

  • “the FCA” means the Financial Conduct Authority;

  • “home state regulator” means the competent authority of an EEA state in relation to the person concerned; and “competent authority” is construed in accordance with the EU instrument by virtue of which, immediately before exit day, the person derived authorisation to carry on a regulated activity in the United Kingdom;

  • “the PRA” means the Prudential Regulation Authority;

  • “regulated activity” has the same meaning as in section 22 of the 2000 Actf1.

(2)

A reference to the relevant regulator is, subject to a direction of the PRA or the FCA given with the consent of the other, a reference to—

(a)

the PRA, in a case where the regulated activities to which an application or notification under regulation 14 relates consist of or include a PRA-regulated activity (within the meaning of section 22A of the 2000 Actf2);

(b)

the FCA, in any other case.

Annotations

Footnotes

f1

Section 22 is amended by section 7(1) of the Financial Services Act 2012 (c. 21) and by S.I. 2018/135.

f2

Section 22A is inserted by section 9 of the Financial Services Act 2012 (c. 21).