39.—(1) Section 90(1) (power to effect transfer of engagements) is amended as follows.
(2) In subsections (1) and (2), for “Authority”, in each place, substitute “appropriate authority”.
(3) After subsection (2), insert—
“(2A) The PRA must consult the FCA before giving a direction under this section.”.
(4) In subsections (3) to (7), for “Authority”, in each place, substitute “appropriate authority”.
(5) For subsection (8), substitute—
“(8) If the PRA gives a direction, it must send a copy of the direction to the FCA.
(8A) The FCA must—
(a)keep a copy of a direction issued under this section (whether by the FCA or by the PRA);
(b)register that copy; and
(c)issue a registration certificate to the transferee.
(8B) The registration certificate must specify a date as the transfer date for the transfer.”.
(6) In subsections (10) and (11), for “Authority” substitute “FCA”.
(7) In the heading, for “Authority” substitute “appropriate authority”.
Section 90 was amended by S.I. 2001/2617 and S.I. 2001/3649.