(1) In respect of a person to whom regulation 28 or 34 applies, Part 4A of the 2000 Act (permission to carry on regulated activities) [Part 4A is inserted by section 11(2) of the Financial Services Act 2012 (c. 21).] is modified as follows.

(2) Section 55A (application for permission) has effect as if -

(a) in subsection (2), after "subsection (2B)" there were inserted "and to a direction of the PRA or the FCA given with the consent of the other";

(b) in subsection (3), after "is in force" there were inserted ", other than a person who is treated as having such a permission by virtue of regulation 28 or 34 of the 2018 Regulations,".

(3) Section 55H (variation by FCA at request of authorised person) has effect as if, after subsection (7), there were inserted -