(1) The FCA may transfer an application for the approval of a prospectus or a supplementary prospectus to the competent authority of another EEA State ("the transferee authority and notify ESMA").
(2) Before doing so, the FCA must obtain the agreement of the transferee authority.
(3) The FCA must inform the applicant of the transfer within 3 working days beginning with the first working day after the date of the transfer.
(4) On making a transfer under subsection (1), the FCA ceases to have functions under this Part in relation to the application transferred.