PART 3 U.K.Amendments of Part 3 to the Act
46U.K.Part 3 of the Banking Act 2009 is amended as follows.
Commencement Information
I1Sch. 17 para. 46 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.
47U.K.In section 147 (administrator's proposals), in subsection (6), for “FSA” substitute “ PRA and a copy of it to the FCA ”.
Commencement Information
I2Sch. 17 para. 47 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.
48U.K.In section 153 (successful rescue), in subsection (3), for “FSA” substitute “ PRA and the FCA ”.
Commencement Information
I3Sch. 17 para. 48 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.
49U.K.In section 157 (other processes), in subsection (1), for “Before exercising an insolvency power in respect of a residual bank the FSA” substitute “ Before the PRA or the FCA exercises an insolvency power in respect of a residual bank, whichever of them is exercising the power ”.
Commencement Information
I4Sch. 17 para. 49 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.
50U.K.After section 157 insert—
“157ABanks 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.
TABLE OF MODIFICATIONS
| Provision | Modification |
|---|---|
| Section 147 | The bank administrator must send the statement to the FCA (and need not send a copy of it to the PRA). |
| Section 153 | Ignore the reference to the PRA in subsection (3). |
| Section 157 | Ignore the reference to the PRA in subsection (1).” |
Commencement Information
I5Sch. 17 para. 50 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.
51U.K.In section 166 (interpretation: general), for subsection (2) substitute—
“(2)In this Part—
“the FCA” means the Financial Conduct Authority, and
“the PRA” means the Prudential Regulation Authority.”
Commencement Information
I6Sch. 17 para. 51 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.