(1) In the application of this Part to an FCA-regulated bank the modifications specified in the Table apply.
(2) In this section -
"FCA-regulated bank" means a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000;
"immediate group" has the meaning given by section 421ZA of the Financial Services and Markets Act 2000;
"PRA-authorised person" has the meaning given by section 2B(5) of that Act.
Table of Modifications
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Provision |
Modification |
|---|---|
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Treat the reference to the PRA in subsection (1) as a reference to the FCA. |
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(a)Read subsection (2)(a) as "the FCA has informed the Bank of England that the FCA is satisfied that Condition 1 in section 7 is met,". (b) Treat the references to the PRA in subsection (3) as references to the FCA. (ba) Read subsection (3)(a) as "the Bank of England - (i) has informed the FCA that it is satisfied that Condition 2 in se |