for “its approval, the Authority may take into account any matter which it could take into account if it were” substitute “ an approval, the FCA or the PRA may take into account any matter which could be taken into account in ”, and

at the end insert “ (on the assumption, if it is not the case, that the application was one falling to be considered by it) ”.

for “the Authority” substitute “ a regulator ”, and

for “its approval” substitute “ an approval ”.