PART 3Transitional and saving provision: applications for permission to carry on a regulated activity
CHAPTER 7General provision
Interpretation21.
(1)
In this Part—
“the FCA” means the Financial Conduct Authority;
“home state regulator” means the competent authority of an EEA state in relation to the person concerned; and “competent authority” is construed in accordance with the EU instrument by virtue of which, immediately before F1IP completion day, the person derived authorisation to carry on a regulated activity in the United Kingdom;
“the PRA” means the Prudential Regulation Authority;
“regulated activity” has the same meaning as in section 22 of the 2000 Act M1.
(2)
A reference to the relevant regulator is, subject to a direction of the PRA or the FCA given with the consent of the other, a reference to—
(a)
the PRA, in a case where the regulated activities to which an application or notification under regulation 14 relates consist of or include a PRA-regulated activity (within the meaning of section 22A of the 2000 Act M2);
(b)
the FCA, in any other case.