Paragraph 18 I1

Paragraph 9A is amended as follows.

The existing provision becomes sub-paragraph (1).

In that sub-paragraph, for “Authority” substitute “ relevant regulator ”.

After that sub-paragraph insert—

“(2)

In this paragraph the “relevant regulator” means—

(a)

if the transferee is a PRA-authorised person, the PRA;

(b)

in any other case, the FCA.”