29 Part 13 of FSMA 2000 (incoming firms: intervention by Authority) is amended as follows.
30 In the heading to Part 13, for "Authority" substitute "FCA or PRA".
31 In section 193 (interpretation of Part 13), in subsection (1), in the definition of "power of intervention", for "the Authority" substitute "the FCA or the PRA".
(1) Section 194 (general grounds on which power of intervention is exercisable) is amended as follows.
(2) In subsection (1) -
(a) for "Authority", in each place, substitute "appropriate regulator",
(b) in paragraph (c), for the words from "meet" to the end substitute "advance -
(i) in the case of the FCA, one or more of its operational objectives, and
(ii) in the case of the PRA, any of its objectives."
(3) After subsection (1A) insert -
"(1B) The appropriate regulator" means -
(a) where the incoming firm is a PRA-authorised person, the FCA or the PRA;
(b) in any other case, the FCA."
(4) In subsection (3), for "Authority", in each place, substitute
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