Banking Act 2009

[F1 129A Banks not regulated by PRA U.K.

(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	[F2 (a) Read subsection (2)(a) as “the FCA has informed the Bank of England that the FCA is satisfied that Condition 1 in section 7 is met,”. (b) Treat the references to the PRA in subsection (3) as references to the FCA. (ba) Read subsection (3)(a) as “the Bank of England—(i) has informed the FCA that it is satisfied that Condition 2 in section 7 is met, and (ii) has consented to the application,] (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. [F3 (b) Treat the reference in subsection (2) to the FCA as a reference to the Bank of England.] F4 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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. [F5 (b) Treat the reference in subsection (2) to the FCA as a reference to the Bank of England.]
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).]

Textual Amendments

F1 S. 129A inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 45 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

F2 Words in s. 129A(2) Table substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 59(2) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F3 Words in s. 129A(2) Table substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 59(3)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F4 Words in s. 129A(2) Table omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 59(3)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F5 Words in s. 129A(2) Table substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 59(4) (with Sch. 3); S.I. 2017/43, reg. 2(g)