(1) After section 285 of FSMA 2000 insert -

"285A Powers exercisable in relation to recognised investment exchanges and clearing houses

(1) For the purposes of this Part, the FCA is "the appropriate regulator" in relation to recognised investment exchanges.

(2) For the purposes of this Part, the Bank of England is "the appropriate regulator" in relation to recognised clearing houses.

(3) In Schedule 17A -

(a) Part 1 makes provision for a memorandum of understanding between the appropriate regulators and the PRA with respect to the exercise of their functions in relation to recognised investment exchanges and clearing houses;

(b) Part 2 applies certain provisions of this Act in relation to the Bank of England in consequence of the conferring of functions on the Bank under this Part of this Act;

(c) Part 3 makes provision relating to the winding up, administration or insolvency of UK clearing houses; and

(d) Part 4 makes provision about fees."