Financial Services Act 2012

35 (1) Section 195A (contravention by relevant EEA firm or EEA UCITS of directive requirement: home state regulator primarily responsible for securing compliance) is amended as follows.

(2) For “the Authority” or “the Authority's”, in each place, substitute “the appropriate regulator” or “the appropriate regulator's”.

(3) After subsection (11A) insert—

“(11B) Subsection (4) is not to be regarded as requiring the PRA to notify the home state regulator in relation to the contravention of a requirement falling within subsection (2) or (3) in a case where the PRA is satisfied that the FCA is required to act, and is acting or has acted, under subsection (4) in relation to that requirement.”

(4) In subsection (12), before the definition of “home state” insert—

• ““the appropriate regulator” means—

  (a)

  where the relevant EEA firm is a PRA-authorised person, the FCA or, subject to subsection (11B), the PRA;

  (b)

  in any other case, the FCA;”.