(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