This section has no associated Explanatory Notes
8(1)Section 7 (general conditions) is amended as follows.
(2)In subsection (1), for “FSA” substitute “PRA”.
(3)In subsection (2), omit the words from “(within” to the end.
(4)In subsection (4), for “FSA” substitute “PRA”.
(5)After that subsection insert—
“(4A)The threshold conditions” means the threshold conditions, as defined by subsection (1) of section 55B of the Financial Services and Markets Act 2000, for which the PRA is treated as responsible under subsection (2) of that section.”
(6)In subsection (5)—
(a)for “FSA” substitute “PRA”, and
(b)at the end of paragraph (a) insert—
“(aa)the FCA,”.