SCHEDULES

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

PART 1Amendments of Part 1 of the Act

I11

Part 1 of the Banking Act 2009 is amended as follows.

I22

1

Section 1 (overview) is amended as follows.

2

In subsection (5), for paragraph (c) and the “and” before it, substitute—

c

the Prudential Regulation Authority, and

d

the Financial Conduct Authority.

3

In the Table, after the entry relating to sections 82 and 83, insert—

Section 83A

Banks not regulated by the PRA

I33

In section 2 (interpretation: “bank”), for “Part 4” substitute “ Part 4A ”.

I44

In section 3 (interpretation: other expressions), for the definition of “the FSA” and the “and” following it, substitute—

the PRA” means the Prudential Regulation Authority,

the FCA” means the Financial Conduct Authority, and

I55

In section 4 (special resolution objectives), in subsection (3), for paragraph (b) and the “and” following it, substitute—

b

the PRA,

ba

the FCA, and

I66

In section 5 (code of practice), in subsection (5), for paragraph (b) and the “and” following it, substitute—

b

the PRA,

ba

the FCA, and

I77

1

Section 6 (code of practice: procedure) is amended as follows.

2

Omit subsections (1) and (2).

3

For subsection (4) substitute—

4

Before re-issuing the code of practice the Treasury must consult—

a

the PRA,

b

the FCA,

c

the Bank of England, and

d

the scheme manager of the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000).

5

As soon as is reasonably practicable after re-issuing the code of practice the Treasury shall lay a copy before Parliament.

I88

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,

I99

In section 8 (specific conditions: private sector purchaser and bridge bank), in subsection (3), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I1010

In section 9 (specific conditions: temporary public ownership), in subsection (4), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I1111

In section 10 (Banking Liaison Panel), in subsection (3), for paragraph (c) substitute—

c

a member appointed by the PRA,

ca

a member appointed by the FCA,

I1212

In section 24 (procedure: instruments), in subsection (1), for paragraph (c) and the “and” following it, substitute—

c

the PRA,

ca

the FCA, and

I1313

In section 25 (procedure: orders), in subsection (2), for paragraph (c) and the “and” following it, substitute—

c

the PRA,

ca

the FCA, and

I1414

In section 26 (supplemental instruments), in subsection (5), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I1515

In section 27 (supplemental orders), in subsection (5), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I1616

In section 28 (onward transfer), in subsection (6), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I1717

In section 29 (reverse share transfer), in subsection (6), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I1818

In section 30 (bridge bank: share transfers), in subsection (5), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I1919

In section 31 (bridge bank: reverse share transfer), in subsection (5), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I2020

In section 41 (procedure), in subsection (1), for paragraph (c) and the “and” following it, substitute—

c

the PRA,

ca

the FCA, and

I2121

In section 42 (supplemental instruments), in subsection (5), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I2222

In section 43 (onward transfer), in subsection (7), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I2323

In section 44 (reverse property transfer), in subsection (6), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I2424

In section 45 (temporary public ownership: property transfer), in subsection (8), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I2525

In section 46 (temporary public ownership: reverse property transfer), in subsection (7), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I2626

In section 57 (valuation principles), in subsection (4)(a), for “Part 4” substitute “ Part 4A ”.

I2727

1

Section 82 (temporary public ownership) is amended as follows.

2

In subsection (2), for “the FSA are” substitute “ the PRA is ”.

3

In subsection (5), for paragraph (a) and the “and” following it, substitute—

a

the PRA,

aa

the FCA, and

I2828

After section 83 insert—

Banks not regulated by PRA

83AModifications of Part

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 7

a

Treat the references to the PRA in subsections (1), (4), (4A) and (5) as references to the FCA.

b

Ignore subsection (5)(aa).

c

If the bank has as a member of its immediate group a PRA-authorised person the FCA must consult the PRA before determining whether or not Condition 2 is met.

Section 8

Subsection (3)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 9

Subsection (4)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 24

Ignore subsection (1)(c).

Section 25

Ignore subsection (2)(c).

Section 26

Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 26A

Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 27

Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 28

Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 29

Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 30

Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 31

Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 41

Ignore subsection (1)(c).

Section 42

Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 42A

Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 43

Subsection (7)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 44

Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 45

Subsection (8)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 46

Subsection (7)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

Section 81B

a

Treat the reference to the PRA in subsection (2) as a reference to the FCA.

b

Ignore subsection (6)(b).

Section 82

a

Treat the reference to the PRA in subsection (2) as a reference to the FCA.

b

Ignore subsection (5)(a).