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Banking Act 2009

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Changes over time for: Section 120A

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Point in time view as at 31/12/2020.

Changes to legislation:

Banking Act 2009, Section 120A is up to date with all changes known to be in force on or before 14 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. Help about Changes to Legislation

[F1120A.Notice to the regulators and the Bank of England of preliminary stepsU.K.

This section has no associated Explanatory Notes

(1)Section 120 shall apply to relevant firms as it applies to banks, except that for this purpose—

(a)subsections (5) and (10) of that section have effect as if any reference to the PRA were a reference to the appropriate regulator, and

(b)subsection (7) has effect as if for paragraph (b) there were substituted—

(b)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).

(2)In this section—

(a)“relevant firm” means—

(i)a financial holding company, investment firm, mixed financial holding company or a mixed activity holding company, or

(ii)a financial institution which is a subsidiary undertaking of a bank or an entity within paragraph (a)(i);

(b)“financial holding company” has the meaning given in Article 4.1(2) of the capital requirements regulation (within the meaning of section 3);

(c)“financial institution” has the meaning given in Article 4.1(26) of the capital requirements regulation (within the meaning of section 3);

(d)“mixed activity holding company” has the meaning given in Article 4.1(22) of the capital requirements regulation (within the meaning of section 3);

(e)“mixed financial holding company” has the meaning given in Article [F24.1(21) of the capital requirements regulation (within the meaning of section 3).]

(3)In this section, references to “the appropriate regulator” are—

(a)to the PRA, in relation to a PRA-authorised person; and

(b)to the FCA in relation to any other authorised person.]

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