105.—(1) Section 120 (notice to PRA of preliminary steps)(1) is amended as follows.
(2) In subsection (5), for “PRA has” substitute “the PRA and the Bank of England have”.
(3) In subsection (7)—
(a)in paragraph (a), for “2 weeks” substitute “7 days”, and
(b)for paragraph (b) substitute—
“(b)both—
(i)the Bank of England has informed the person who gave the notice that it does not intend to exercise a stabilisation power under Part 1 in relation to the firm (and Condition 5 has been met, if applicable), and
(ii)each of the PRA and the Bank of England has informed the person who gave the notice that it does not intend to apply for a bank insolvency order.”
(4) In subsection (10)—
(a)for “Where the PRA receives notice under Condition 1” substitute “Where notice has been given under Condition 1”, and
(b)omit paragraph (a).
Section 120 was amended by paragraphs 29, 44 of Schedule 17 to the Financial Services Act 2012 (c.21) and paragraph 10 of Schedule 2 to the Financial Services (Banking Reform) Act 2013 (c.33).