12. Section 47 of the Act (communications by auditor etc. with the Bank) shall have effect as if—
(a)references to authorised institutions included references to European institutions and UK subsidiaries;
(b)the reference in subsection (1) to any function of the Bank under the Act included a reference to any function of the Bank under these Regulations; and
(c)the reference in subsection (7) to a former authorised institution included a reference to a former European institution.