34(1)Section 195 (exercise of power in support of overseas regulator) is amended as follows.
(2)In subsection (1), for “Authority” substitute “appropriate regulator”.
(3)In subsection (2), for “Authority's” substitute “appropriate regulator's”.
(4)After subsection (2) insert—
“(2A)The appropriate regulator” means—
(a)where the incoming firm is a PRA-authorised person, the FCA or the PRA;
(b)in any other case, the FCA.”
(5)In subsection (4)—
(a)in paragraph (a), for “the Authority” substitute “either regulator”, and
(b)omit paragraph (b).
(6)In subsections (5) to (8), for “Authority”, in each place, substitute “appropriate regulator”.