xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"

PART 3 U.K.Transitional and saving provision: applications for permission to carry on a regulated activity

CHAPTER 7U.K.General provision

InterpretationU.K.

21.—(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.

Textual Amendments

Marginal Citations

M1Section 22 is amended by section 7(1) of the Financial Services Act 2012 (c. 21) and by S.I. 2018/135.

M2Section 22A is inserted by section 9 of the Financial Services Act 2012 (c. 21).