This is the Schedule 17A to be inserted in FSMA 2000 after Schedule 17" -
"Schedule 17A Further provision in relation to exercise of Part 18 functions by Bank of England Section 285A
Part 1 Co -operation between appropriate regulators
Memorandum of understanding between appropriate regulators and PRA
(1) The appropriate regulators must prepare and maintain a memorandum describing how they intend to work together in exercising their functions in relation to persons who are recognised bodies.
(2) The memorandum must in particular make provision about -
(a) the need for each party when exercising a function in relation to any person ("A") who is a recognised body, or any member of A's group, to have regard to the exercise (or possible exercise) of any function by the other party in relation to A or any member of A's group;
(b) the role of each party in cases where they are both exercising functions in relation to the same persons;
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