Banks not regulated by PRA99.

(1)

In section 83A (modification of Part 1 for banks not regulated by PRA)123, the table of modifications in subsection (2) is amended as follows.

(2)

At the beginning insert—
“Section 6A124

Treat the reference to the PRA in subsections (3)(a) and (7) as references to the FCA.

Section 6C

Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.”

(3)

In the entry for section 7, in the second column—

(a)

for “(1), (4), (4A) and (5)” substitute “(1), (5A), (5C), (5D) and (5F)125”,

(b)

omit paragraph (b), and

(c)

after paragraph (c) insert—

“(d)

Subsections (5G)(a) and (5H)(a) do not apply unless the bank has as a member of its immediate group a PRA-authorised person.”.

(4)

After the entry for section 7, insert—

“Section 7A

In subsection (1), the reference to the PRA does not apply unless the bank has as a member of its immediate group a PRA-authorised person.”

(5)

Omit the entries for sections 8 and 8A.

(6)

Before the entry for section 9 insert—
“Section 8ZA126

(a) Subsection (4)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.

(b) Treat the definition of “normal insolvency proceedings” in subsection (5) as including investment bank special administration, established by the Investment Bank Special Administration Regulations 2011127

(7)

After the entry for section 9 insert—
“Section 12AA128
Treat the definition of “normal insolvency proceedings” in subsection (2) as including investment bank special administration, established by the Investment Bank Special Administration Regulations 2011129

Section 63

Treat the reference to insolvency in subsection (1A)130, as including investment bank special administration, established by the Investment Bank Special Administration Regulations 2011

Section 66

Treat the reference to insolvency in subsection (1ZA)131, as including investment bank special administration, established by the Investment Bank Special Administration Regulations 2011
Section 81AA132

Treat the references to the PRA in subsections (3)(b) and (5)(a) as references to the FCA.”

(8)

In the entry for section 81B, for the entry in the second column substitute—

“(a) Treat the references to the PRA in subsections (2) and (2A) as references to the FCA.

(b) Ignore subsection (6)(b) unless the bank has as a member of its immediate group a PRA-authorised person.”

(9)

After the entry for section 81B insert—

“Section 81ZBA

(a) Treat the references to the PRA in subsections (2)(a) and (2A) as references to the FCA.

(b) Ignore subsection (8)(a) unless the bank has as a member of its immediate group a PRA-authorised person.

(c) Treat the definition of “normal insolvency proceedings” in subsection (9) as including investment bank special administration, established by the Investment Bank Special Administration Regulations 2011”

(10)

In the entry for section 81BA, in the second column, at the beginning insert—

“(a) Treat the references to the PRA in subsections (2)(a) and (2A) as references to the FCA.

(b)”

(11)

After the entry for section 82, insert—

“Section 89H

Treat the definition of “normal insolvency proceedings” in subsection (7) as including investment bank special administration, established by the Investment Bank Special Administration Regulations 2011133