Paragraph 23 I1I2

Paragraph 3 (exercise of Treaty rights) is amended as follows.

In sub-paragraph (2), for “Authority” substitute “ appropriate UK regulator ”.

After that sub-paragraph insert—

“(2A)

In sub-paragraph (2) “the appropriate UK regulator” means—

(a)

where any of the activities to which the notification under that sub-paragraph relates is a PRA-regulated activity, the PRA;

(b)

in any other case, the FCA.

(2B)

Where the PRA receives a notification under sub-paragraph (2), it must give a copy to the FCA without delay.

(2C)

Where the FCA receives a notification under sub-paragraph (2), it must in prescribed cases give a copy to the PRA without delay.”