Paragraph 50 I1

After section 157 insert—

“Banks not regulated by PRA

157A

(1)

In the application of this Part to an FCA-regulated bank the modifications specified in the Table apply.

(2)

In this section “FCA-regulated bank” means a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000.

TABLE OF MODIFICATIONS

Provision	Modification
Section 147	The bank administrator must send the statement to the FCA (and need not send a copy of it to the PRA).
Section 153	Ignore the reference to the PRA in subsection (3).
Section 157	Ignore the reference to the PRA in subsection (1).

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