SCHEDULE 2Amendments of subordinate legislation

The Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 2001

50.

In the Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 200197—

(a)

in paragraph (2) of article 1 (citation, commencement and interpretation)—

(i)

omit the definitions of “section 41” and “Schedule 6”;

(ii)

in the appropriate place, insert—

““the Act” means the Financial Services and Markets Act 2000;”;

(b)

for article 2 (limited liability partnerships) substitute—

“Non-EEA insurers: specified regulator2A.

The PRA is specified for the purposes of paragraph 8(2)(b) of Schedule 6 to the Act.”;

(c)

in article 3 (non-EEA insurers)—

(i)

in paragraph (1), for “section 41 and Schedule 6” substitute “section 55B(3) of the Act”;

(ii)

in paragraph (1)(a), for “the Authority” substitute “the PRA”;

(iii)

in paragraph (2), for “the Authority”, in both places it appears, substitute “the PRA”;

(iv)

in paragraph (3), for “paragraphs 4 and 5 of Schedule 6 (adequate resources and suitability) are removed” substitute “paragraphs 3D and 4E (suitability) and paragraph 4D (business to be conducted in a prudent manner) (in so far as it relates to appropriate financial resources) of Schedule 6 do not apply”;

(v)

after paragraph (4) insert—

“(5)

The additional conditions specified in this article are relevant to the discharge by the PRA of its functions under the Act in relation to the person concerned.

(6)

Any agreement made for the purpose of paragraph (2) by the Financial Services Authority before 1st April 2013, and in effect immediately before that date, is to be treated for the purposes of this article as if it had been made by the PRA.”;

(d)

in article 4 (Swiss general insurance companies)—

(i)

in the opening words of paragraph (1), for “section 41 and Schedule 6” substitute “section 55B(3) of the Act”;

(ii)

in paragraph (1)(c), for each reference to “Authority” substitute “PRA”;

(iii)

after paragraph (2) insert—

“(3)

The additional conditions specified in this article are relevant to the discharge by the PRA of its functions under the Act in relation to the person concerned.”.