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46Part 3 of the Banking Act 2009 is amended as follows.
47In section 147 (administrator's proposals), in subsection (6), for “FSA” substitute “PRA and a copy of it to the FCA”.
48In section 153 (successful rescue), in subsection (3), for “FSA” substitute “PRA and the FCA”.
49In 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”.
50After section 157 insert—
(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.
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).” |
51In 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.”