(1) In section 59 of FSMA 2000 (approval for particular arrangements) -
(a) in subsections (1) and (2), for "the Authority" substitute "the appropriate regulator", and
(b) for subsections (3) to (7) substitute -
"(3) Controlled function" -
(a) in relation to the carrying on of a regulated activity by a PRA-authorised person, means a function of a description specified in rules made by the FCA or the PRA, and
(b) in relation to the carrying on of a regulated activity by any other authorised person, means a function of a description specified in rules made by the FCA.
(4) "The appropriate regulator" -
(a) in relation to a controlled function which is of a description specified in rules made by the FCA, means the FCA, and
(b) in relation to a controlled function which is of a description specified in rules made by the PRA, means the PRA with the consent of the FCA.
(5) The FCA may specify a description of function under subsection (3)(a) or (b) only if, in relation to the carrying
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