22Schedule 4 to FSMA 2000 (Treaty rights) is amended as follows.
23(1)Paragraph 3 (exercise of Treaty rights) is amended as follows.
(2)In sub-paragraph (2), for “Authority” substitute “appropriate UK regulator”.
(3)After that sub-paragraph insert—
“(2A)In sub-paragraph (2) “the appropriate UK regulator” means—
(a)where any of the activities to which the notification under that sub-paragraph relates is a PRA-regulated activity, the PRA;
(b)in any other case, the FCA.
(2B)Where the PRA receives a notification under sub-paragraph (2), it must give a copy to the FCA without delay.
(2C)Where the FCA receives a notification under sub-paragraph (2), it must in prescribed cases give a copy to the PRA without delay.”
24After paragraph 3 insert—
3ARegulations may require the PRA and the FCA to notify each other about Treaty firms qualifying for authorisation.”
25(1)Paragraph 4 (permission) is amended as follows.
(2)In sub-paragraph (3)—
(a)for “a Part IV permission” substitute “a Part 4A permission”, and
(b)for “Authority” substitute “appropriate UK regulator”.
(3)In sub-paragraph (4), for “Authority” substitute “appropriate UK regulator”.
(4)After that sub-paragraph insert—
“(5)The appropriate UK regulator” means—
(a)where the Treaty firm is a PRA-authorised person, the FCA or the PRA;
(b)in any other case, the FCA.”
26(1)Paragraph 5 (notice to Authority) is amended as follows.
(2)In sub-paragraph (2), for “the Authority” substitute “the appropriate UK regulator”.
(3)After sub-paragraph (2) insert—
“(2A)The appropriate UK regulator” means—
(a)where any of the activities to which the notice relates is a PRA-regulated activity, the PRA;
(b)in any other case, the FCA.
(2B)Where the PRA receives a notice under sub-paragraph (2), it must give a copy to the FCA without delay.
(2C)Where the FCA receives a notice under sub-paragraph (2) from—
(a)a PRA-authorised person, or
(b)a person whose immediate group includes a PRA-authorised person,
it must give a copy to the PRA without delay.”
(4)For sub-paragraph (4) substitute—
“(4)Subsections (1), (4) and (8) of section 55U apply to a notice under sub-paragraph (2) as they apply to an application for a Part 4A permission.”
(5)In the italic heading immediately before paragraph 5, for “Authority” substitute “UK regulator”.