http://www.legislation.gov.uk/id/ukpga/2012/21

SCHEDULES

SCHEDULE 17Amendments of Banking Act 2009 related to Part 2 of this Act

PART 2Amendments of Part 2 of the Act

45

After section 129 insert—

“129ABanks not regulated by PRA
(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
(a)
Treat the references to the PRA in subsections (2) and (3) as references to the FCA.
(b)
If the bank has as a member of its immediate group a PRA-authorised person the Bank of England must consult the PRA before applying for a bank insolvency order.
(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.
(b)
Ignore the duty to consult the FCA in subsection (2).
(c)
Ignore the reference to the PRA in subsection (3).
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.
(b)
Ignore the duty to obtain the consent of the FCA in subsection (2)(a).
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).”

Provision	Modification
Section 95	Treat the reference to the PRA in subsection (1) as a reference to the FCA.
Section 96	(a) Treat the references to the PRA in subsections (2) and (3) as references to the FCA. (b) If the bank has as a member of its immediate group a PRA-authorised person the Bank of England must consult the PRA before applying for a bank insolvency order. (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. (b) Ignore the duty to consult the FCA in subsection (2). (c) Ignore the reference to the PRA in subsection (3).
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. (b) Ignore the duty to obtain the consent of the FCA in subsection (2)(a).
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).”