Regulation 5 Co-ordination of functions

(1)

The relevant bodies must co-ordinate the discharge of their respective functions in relation to—

(a)

the making, amending or revoking of overseas recognition regime designations, and

(b)

the provision of information and advice under regulation 4.

(2)

The relevant bodies must prepare and maintain a memorandum describing in general terms how they propose to—

(a)

exercise their respective functions in relation to the matters mentioned in paragraph (1), and

(b)

comply with the obligation imposed by that paragraph.

(3)

In paragraphs (1) and (2) “the relevant bodies” means—

(a)

the Treasury,

(b)

the FCA,

(c)

the PRA, and

(d)

the Bank of England.

(4)

The Treasury must—

(a)

lay before Parliament a copy of the memorandum, and

(b)

publish it in a way appearing to the Treasury to be best calculated to bring it to the attention of the public.