Paragraph 26 I1I2

Paragraph 5 (notice to Authority) is amended as follows.

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

After sub-paragraph (2) insert—

“(2A)

The appropriate UK regulator” means—

(a)

where any of the activities to which the notice relates is a PRA-regulated activity, the PRA;

(b)

in any other case, the FCA.

(2B)

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

(2C)

Where the FCA receives a notice under sub-paragraph (2) from—

(a)

a PRA-authorised person, or

(b)

a person whose immediate group includes a PRA-authorised person,

it must give a copy to the PRA without delay.”

For sub-paragraph (4) substitute—

“(4)

Subsections (1), (4) and (8) of section 55U apply to a notice under sub-paragraph (2) as they apply to an application for a Part 4A permission.”

In the italic heading immediately before paragraph 5, for “Authority” substitute “ UK regulator ”.