26.—(1) Paragraphs 27 to 31 (penalties and fees) and 33 (exemption from liability in damages) of Schedule 1ZB to the Act M1 apply with respect to the discharge by the PRA of its functions under these Regulations as they apply with respect to the discharge by it of its functions under the Act, with the following modifications.
(2) Those paragraphs apply as if—
(a)each reference to penalties imposed under the Act or under FSMA 2000 included a reference to penalties imposed under these Regulations;
(b)each reference to a section or Part of the Act included a reference to that section or Part as applied by these Regulations;
(c)each reference to the functions of the PRA included a reference to its functions under these Regulations.
(3) Paragraph 28 applies as if references to the PRA's enforcement powers included—
(a)its powers under Part 5 of these Regulations and under Part 25 of the Act as applied by these Regulations;
(b)its powers in relation to the investigation of offences under these Regulations or under the Act as applied by these Regulations;
(c)its powers in England and Wales or Northern Ireland in relation to the prosecution of offences under those Regulations or under the Act as applied by those Regulations.
(4) Paragraph 31 applies as if references to qualifying functions included references to the functions of the PRA under Part 5 of these Regulations and under the Act as applied by these Regulations.
Marginal Citations
M1Schedule 1ZB was inserted by Schedule 3 to the Financial Services Act 2012 and is amended by section 109 of, paragraph 7 of Schedule 8 to and paragraph 4 of Schedule 10 to the Financial Services (Banking Reform) Act 2013, paragraph 50 of Schedule 2 to the Bank of England and Financial Services Act 2016 and S.I. 2013/1773. There are other amendments but none is relevant.