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4. For the purposes of every provision of the capital requirements directive and capital requirements regulation—
(a)the PRA is responsible for all the functions of a competent authority in respect of PRA-authorised persons; and
(b)the FCA is responsible for all the functions of a competent authority in respect of any other person.
5. Nothing in regulation 4 has the effect of designating the PRA or the FCA as the designated authority for the purposes of Chapter 4 of Title 7 of the capital requirements directive (capital buffers) or Article 458 of the capital requirements regulation M1.
Marginal Citations
M1For the designation of the authority in charge of applying Article 458 of the capital requirements regulation, see paragraph 38 of Schedule 2 (amendments to the Bank of England Act 1998).