InterpretationU.K.
21.—(1) In this Part—
“the FCA” means the Financial Conduct Authority;
“home state regulator” means the competent authority of an EEA state in relation to the person concerned; and “competent authority” is construed in accordance with the EU instrument by virtue of which, immediately before [F1IP completion day], the person derived authorisation to carry on a regulated activity in the United Kingdom;
“the PRA” means the Prudential Regulation Authority;
“regulated activity” has the same meaning as in section 22 of the 2000 Act M1.
(2) A reference to the relevant regulator is, subject to a direction of the PRA or the FCA given with the consent of the other, a reference to—
(a)the PRA, in a case where the regulated activities to which an application or notification under regulation 14 relates consist of or include a PRA-regulated activity (within the meaning of section 22A of the 2000 Act M2);
(b)the FCA, in any other case.
Textual Amendments
F1Words in reg. 21 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 6(2)(m)
Marginal Citations
M1Section 22 is amended by section 7(1) of the Financial Services Act 2012 (c. 21) and by S.I. 2018/135.
M2Section 22A is inserted by section 9 of the Financial Services Act 2012 (c. 21).