SCHEDULES

SCHEDULE 5Performance of regulated activities

8

In section 63A (performance of controlled functions without approval: power to impose penalties)—

a

for “Authority”, in each place, substitute “appropriate regulator”,

b

after subsection (5) insert—

5A

The appropriate regulator”—

a

in relation to a controlled function which is of a description specified in rules made by the FCA, means the FCA, and

b

in relation to a controlled function which is of a description specified in rules made by the PRA, means the PRA.

c

in subsection (6), after “Any” insert “other”.