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PART 1 E+W+S+N.I.Amendments of Part 1 of the Act

1Part 1 of the Banking Act 2009 is amended as follows.E+W+S+N.I.

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Commencement Information

I1Sch. 17 para. 1 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

2(1)Section 1 (overview) is amended as follows.E+W+S+N.I.

(2)In subsection (5), for paragraph (c) and the “and” before it, substitute—

(c)the Prudential Regulation Authority, and

(d)the Financial Conduct Authority.

(3)In the Table, after the entry relating to sections 82 and 83, insert—

Section 83ABanks not regulated by the PRA.
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Commencement Information

I2Sch. 17 para. 2 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

3In section 2 (interpretation: “bank”), for “Part 4” substitute “ Part 4A ”.E+W+S+N.I.

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Commencement Information

I3Sch. 17 para. 3 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

4In section 3 (interpretation: other expressions), for the definition of “the FSA” and the “and” following it, substitute—E+W+S+N.I.

the PRA” means the Prudential Regulation Authority,

the FCA” means the Financial Conduct Authority, and.

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Commencement Information

I4Sch. 17 para. 4 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

5In section 4 (special resolution objectives), in subsection (3), for paragraph (b) and the “and” following it, substitute—E+W+S+N.I.

(b)the PRA,

(ba)the FCA, and.

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Commencement Information

I5Sch. 17 para. 5 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

6In section 5 (code of practice), in subsection (5), for paragraph (b) and the “and” following it, substitute—E+W+S+N.I.

(b)the PRA,

(ba)the FCA, and.

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Commencement Information

I6Sch. 17 para. 6 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

7(1)Section 6 (code of practice: procedure) is amended as follows.E+W+S+N.I.

(2)Omit subsections (1) and (2).

(3)For subsection (4) substitute—

(4)Before re-issuing the code of practice the Treasury must consult—

(a)the PRA,

(b)the FCA,

(c)the Bank of England, and

(d)the scheme manager of the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000).

(5)As soon as is reasonably practicable after re-issuing the code of practice the Treasury shall lay a copy before Parliament.

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Commencement Information

I7Sch. 17 para. 7 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

8(1)Section 7 (general conditions) is amended as follows.E+W+S+N.I.

(2)In subsection (1), for “FSA” substitute “ PRA ”.

(3)In subsection (2), omit the words from “(within” to the end.

(4)In subsection (4), for “FSA” substitute “ PRA ”.

(5)After that subsection insert—

(4A)The threshold conditions” means the threshold conditions, as defined by subsection (1) of section 55B of the Financial Services and Markets Act 2000, for which the PRA is treated as responsible under subsection (2) of that section.

(6)In subsection (5)—

(a)for “FSA” substitute “ PRA ”, and

(b)at the end of paragraph (a) insert—

(aa)the FCA,.

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Commencement Information

I8Sch. 17 para. 8 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

9In section 8 (specific conditions: private sector purchaser and bridge bank), in subsection (3), for paragraph (a) and the “and” following it, substitute—E+W+S+N.I.

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I9Sch. 17 para. 9 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

10In section 9 (specific conditions: temporary public ownership), in subsection (4), for paragraph (a) and the “and” following it, substitute—E+W+S+N.I.

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I10Sch. 17 para. 10 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

11In section 10 (Banking Liaison Panel), in subsection (3), for paragraph (c) substitute—E+W+S+N.I.

(c)a member appointed by the PRA,

(ca)a member appointed by the FCA,.

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Commencement Information

I11Sch. 17 para. 11 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

12In section 24 (procedure: instruments), in subsection (1), for paragraph (c) and the “and” following it, substitute—E+W+S+N.I.

(c)the PRA,

(ca)the FCA, and.

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Commencement Information

I12Sch. 17 para. 12 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

13In section 25 (procedure: orders), in subsection (2), for paragraph (c) and the “and” following it, substitute—E+W+S+N.I.

(c)the PRA,

(ca)the FCA, and.

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Commencement Information

I13Sch. 17 para. 13 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

14In section 26 (supplemental instruments), in subsection (5), for paragraph (a) and the “and” following it, substitute—E+W+S+N.I.

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I14Sch. 17 para. 14 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

15In section 27 (supplemental orders), in subsection (5), for paragraph (a) and the “and” following it, substitute—E+W+S+N.I.

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I15Sch. 17 para. 15 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

16In section 28 (onward transfer), in subsection (6), for paragraph (a) and the “and” following it, substitute—E+W+S+N.I.

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I16Sch. 17 para. 16 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

17In section 29 (reverse share transfer), in subsection (6), for paragraph (a) and the “and” following it, substitute—E+W+S+N.I.

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I17Sch. 17 para. 17 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

18In section 30 (bridge bank: share transfers), in subsection (5), for paragraph (a) and the “and” following it, substitute—E+W+S+N.I.

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I18Sch. 17 para. 18 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

19In section 31 (bridge bank: reverse share transfer), in subsection (5), for paragraph (a) and the “and” following it, substitute—E+W+S+N.I.

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I19Sch. 17 para. 19 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

20In section 41 (procedure), in subsection (1), for paragraph (c) and the “and” following it, substitute—E+W+S+N.I.

(c)the PRA,

(ca)the FCA, and.

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Commencement Information

I20Sch. 17 para. 20 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

21In section 42 (supplemental instruments), in subsection (5), for paragraph (a) and the “and” following it, substitute—E+W+S+N.I.

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I21Sch. 17 para. 21 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

22In section 43 (onward transfer), in subsection (7), for paragraph (a) and the “and” following it, substitute—E+W+S+N.I.

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I22Sch. 17 para. 22 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

23In section 44 (reverse property transfer), in subsection (6), for paragraph (a) and the “and” following it, substitute—E+W+S+N.I.

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I23Sch. 17 para. 23 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

24In section 45 (temporary public ownership: property transfer), in subsection (8), for paragraph (a) and the “and” following it, substitute—E+W+S+N.I.

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I24Sch. 17 para. 24 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

25In section 46 (temporary public ownership: reverse property transfer), in subsection (7), for paragraph (a) and the “and” following it, substitute—E+W+S+N.I.

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I25Sch. 17 para. 25 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

26In section 57 (valuation principles), in subsection (4)(a), for “Part 4” substitute “ Part 4A ”.E+W+S+N.I.

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Commencement Information

I26Sch. 17 para. 26 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

27(1)Section 82 (temporary public ownership) is amended as follows.E+W+S+N.I.

(2)In subsection (2), for “the FSA are” substitute “ the PRA is ”.

(3)In subsection (5), for paragraph (a) and the “and” following it, substitute—

(a)the PRA,

(aa)the FCA, and.

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Commencement Information

I27Sch. 17 para. 27 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

28After section 83 insert—E+W+S+N.I.

Banks not regulated by PRAE+W+S+N.I.

83AModifications of Part

(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
ProvisionModification
Section 7

(a)Treat the references to the PRA in subsections (1), (4), (4A) and (5) as references to the FCA.

(b)Ignore subsection (5)(aa).

(c)If the bank has as a member of its immediate group a PRA-authorised person the FCA must consult the PRA before determining whether or not Condition 2 is met.

Section 8Subsection (3)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 9Subsection (4)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 24Ignore subsection (1)(c).
Section 25Ignore subsection (2)(c).
Section 26Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 26ASubsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 27Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 28Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 29Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 30Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 31Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 41Ignore subsection (1)(c).
Section 42Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 42ASubsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 43Subsection (7)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 44Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 45Subsection (8)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 46Subsection (7)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 81B

(a)Treat the reference to the PRA in subsection (2) as a reference to the FCA.

(b)Ignore subsection (6)(b).

Section 82

(a)Treat the reference to the PRA in subsection (2) as a reference to the FCA.

(b)Ignore subsection (5)(a).

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Commencement Information

I28Sch. 17 para. 28 in force at 1.4.2013 by S.I. 2013/423, art. 3, Sch.

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