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Financial Services Act 2012
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Changes over time for: Paragraph 45
Alternative versions:
- 01/04/2013- Amendment
- 06/04/2021
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Point in time view as at 06/04/2021.
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Financial Services Act 2012, Paragraph 45 is up to date with all changes known to be in force on or before 26 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Nodiadau Esboniadol
45U.K.After section 129 insert—
“129ABanks not regulated by PRA
(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;
“immediate group” has the meaning given by section 421ZA of the Financial Services and Markets Act 2000;
“PRA-authorised person” has the meaning given by section 2B(5) of that Act.
TABLE OF MODIFICATIONS
| Provision | Modification |
|---|---|
| Section 95 | Treat the reference to the PRA in subsection (1) as a reference to the FCA. |
| Section 96 | (a)Treat the references to the PRA in subsections (2) and (3) as references to the FCA. (b)If the bank has as a member of its immediate group a PRA-authorised person the Bank of England must consult the PRA before applying for a bank insolvency order. (c)The FCA must consult the PRA before applying for a bank insolvency order. |
| Section 97 | Treat the reference to the PRA in subsection (1) as a reference to the FCA. |
| Section 98 | Treat the references to the PRA in subsection (2) as references to the FCA. |
| Section 100 | (a)Treat the reference to two individuals in subsection (2)(a) as a reference to one individual. (b)Ignore subsection (2)(b). (c)Ignore the reference to the PRA in subsection (6)(c). |
| Section 101 | Ignore the reference to the PRA in subsection (7). |
| Section 103 | In the Table, in the entries relating to sections 147 and 241 of the Insolvency Act 1986, treat the reference to the PRA as a reference to the FCA. |
| Section 108 | (a)Treat the reference to the PRA in subsections (1) and (2) as a reference to the FCA. (b)Ignore the duty to consult the FCA in subsection (2). (c)Ignore the reference to the PRA in subsection (3). |
| Section 109 | Ignore the reference to the PRA in subsection (4). |
| Section 113 | Ignore subsection (2)(b)(i). |
| Section 115 | Ignore subsection (2)(b)(i). |
| Section 117 | (a)Treat the reference to the PRA in subsection (2) as a reference to the FCA. (b)Ignore the duty to obtain the consent of the FCA in subsection (2)(a). |
| Section 120 | (a)Treat the references to the PRA in subsections (5), (7) and (10) as references to the FCA. (b)Ignore the duty to inform the FCA in subsection (10)(a).” |
Commencement Information
I1Sch. 17 para. 45 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.
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