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18.—(1) Paragraphs (2) and (3) apply if, before the commencement date, the Authority—
(a)gave notice to a person under section 166(1) (reports by skilled persons); and
(b)did not receive the required report.
(2) The FCA may, with the consent of the PRA, make an election in relation to the notice.
(3) If the FCA makes an election in relation to the notice, the PRA and the notice are to be treated as if the PRA had given the notice.
(4) The FCA and the notice are also to be treated as if the FCA had given the notice if, in the election, the FCA makes a statement to that effect.
(5) The FCA may not make an election unless the person referred to as A in subsection (2) of section 166—
(a)is, on the commencement date, a PRA-authorised person; or
(b)would have been a PRA-authorised person if the relevant time (within the meaning of that subsection) had occurred on the commencement date.
(6) An election under paragraph (2) must—
(a)be in writing;
(b)specify the notice to which it relates;
(c)include a statement as to whether—
(i)the notice and the PRA are to be treated as if the PRA had given the notice; or
(ii)the notice, the FCA and the PRA are to be treated as if the FCA and the PRA had both given the notice; and
(d)be made within the period of 45 days which begins on the commencement date.
(7) The FCA must send a copy of the election to—
(a)the person to whom the notice was given; and
(b)the PRA.
Section 166 is substituted by the 2012 Act, Schedule 12, paragraph 5.
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