(1) In this Part -

"the FCA" means the Financial Conduct Authority;

"home state regulator" means the competent authority of an EEA state in relation to the person concerned; and "competent authority" is construed in accordance with the EU instrument by virtue of which, immediately before IP completion day, the person derived authorisation to carry on a regulated activity in the United Kingdom;

"the PRA" means the Prudential Regulation Authority;

"regulated activity" has the same meaning as in section 22 of the 2000 Act [Section 22 is amended by section 7(1) of the Financial Services Act 2012 (c. 21) and by S. I. 2018/135.].

(2) A reference to the relevant regulator is, subject to a direction of the PRA or the FCA given with the consent of the other, a reference to -

(a) the PRA, in a case where the regulated activities to which an application or notification under regulation 14 relates consist of or include a PRA-regulated activity (within the meaning of section 22A of the 2000 Act [Section 22A is inserted by section 9 of the Financial Services Act 2012 (c. 21).]);