SCHEDULES

SCHEDULE 5 Performance 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.”, and

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