Modification of the FCA’s and PRA’s rule-making powers3.

(1)

Sections 137A(1), 137G(1) and 192XA(1) of FSMA5 (the FCA’s general rules, the PRA’s general rules and PRA rules applying to holding companies) have effect as if modified by inserting at the end of F1each provision—

“or for the purposes of, to facilitate, or in consequence of, the Silicon Valley Bank UK Limited Mandatory Reduction and Share Transfer Instrument 2023.”.

(2)

Section 138A of FSMA6 (modification or waiver of rules) is modified so it F2also applies in relation to F3HSBC UK Bank plc and any undertaking in its group—

(a)

in the absence of an application by F4HSBC UK Bank plc or the relevant undertaking in its group;

(b)

without any requirement for consent by F5HSBC UK Bank plc or the relevant undertaking in its group;

(c)

without the requirement that the regulator be satisfied about the matters referred to in subsection (4); and

(d)

subject instead to the condition that it appears to the regulator that modification or waiver (as the case may be) is necessary for the purposes of, to facilitate, or in consequence of, the Silicon Valley Bank UK Limited Mandatory Reduction and Share Transfer Instrument 2023.