Paragraph 35 I1

Section 90D^f1 (notice of preliminary steps) is amended as follows.

In subsection (5), for “Authority has” substitute “FCA and, if the society is a PRA-authorised person, the PRA have”.

In subsection (7)(b)(i), for “Authority” substitute “PRA”.

In subsection (10)—

After subsection (10), insert—

“(11)

Where the society is not a PRA-authorised person and the FCA receives notice under Condition 1—

(a)

the FCA shall inform the Bank of England, and

(b)

if the Bank of England decides to apply for a building society insolvency order or to exercise a stabilisation power under Part 1 of the Banking Act 2009, the Bank shall inform the person who gave the notice, within the period in Condition 3(a).”.

In the heading, for “Authority” substitute “FCA and the PRA”.