SCHEDULES
SCHEDULE 17Amendments of Banking Act 2009 related to Part 2 of this Act
PART 1Amendments of Part 1 of the Act
1
Part 1 of the Banking Act 2009 is amended as follows.
2
1
Section 1 (overview) is amended as follows.
2
In subsection (5), for paragraph (c) and the “and” before it, substitute—
c
the Prudential Regulation Authority, and
d
the Financial Conduct Authority.
3
In the Table, after the entry relating to sections 82 and 83, insert—
Section 83A
Banks not regulated by the PRA
3
In section 2 (interpretation: “bank”), for “Part 4” substitute “Part 4A”.
4
In section 3 (interpretation: other expressions), for the definition of “the FSA” and the “and” following it, substitute—
“the PRA” means the Prudential Regulation Authority,
“the FCA” means the Financial Conduct Authority, and
5
In section 4 (special resolution objectives), in subsection (3), for paragraph (b) and the “and” following it, substitute—
b
the PRA,
ba
the FCA, and
6
In section 5 (code of practice), in subsection (5), for paragraph (b) and the “and” following it, substitute—
b
the PRA,
ba
the FCA, and
7
1
Section 6 (code of practice: procedure) is amended as follows.
2
Omit subsections (1) and (2).
3
For subsection (4) substitute—
4
Before re-issuing the code of practice the Treasury must consult—
a
the PRA,
b
the FCA,
c
the Bank of England, and
d
the scheme manager of the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000).
5
As soon as is reasonably practicable after re-issuing the code of practice the Treasury shall lay a copy before Parliament.
8
1
Section 7 (general conditions) is amended as follows.
2
In subsection (1), for “FSA” substitute “PRA”.
3
In subsection (2), omit the words from “(within” to the end.
4
In subsection (4), for “FSA” substitute “PRA”.
5
After that subsection insert—
4A
The threshold conditions” means the threshold conditions, as defined by subsection (1) of section 55B of the Financial Services and Markets Act 2000, for which the PRA is treated as responsible under subsection (2) of that section.
6
In subsection (5)—
a
for “FSA” substitute “PRA”, and
b
at the end of paragraph (a) insert—
aa
the FCA,
9
In section 8 (specific conditions: private sector purchaser and bridge bank), in subsection (3), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
10
In section 9 (specific conditions: temporary public ownership), in subsection (4), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
11
In section 10 (Banking Liaison Panel), in subsection (3), for paragraph (c) substitute—
c
a member appointed by the PRA,
ca
a member appointed by the FCA,
12
In section 24 (procedure: instruments), in subsection (1), for paragraph (c) and the “and” following it, substitute—
c
the PRA,
ca
the FCA, and
13
In section 25 (procedure: orders), in subsection (2), for paragraph (c) and the “and” following it, substitute—
c
the PRA,
ca
the FCA, and
14
In section 26 (supplemental instruments), in subsection (5), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
15
In section 27 (supplemental orders), in subsection (5), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
16
In section 28 (onward transfer), in subsection (6), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
17
In section 29 (reverse share transfer), in subsection (6), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
18
In section 30 (bridge bank: share transfers), in subsection (5), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
19
In section 31 (bridge bank: reverse share transfer), in subsection (5), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
20
In section 41 (procedure), in subsection (1), for paragraph (c) and the “and” following it, substitute—
c
the PRA,
ca
the FCA, and
21
In section 42 (supplemental instruments), in subsection (5), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
22
In section 43 (onward transfer), in subsection (7), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
23
In section 44 (reverse property transfer), in subsection (6), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
24
In section 45 (temporary public ownership: property transfer), in subsection (8), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
25
In section 46 (temporary public ownership: reverse property transfer), in subsection (7), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
26
In section 57 (valuation principles), in subsection (4)(a), for “Part 4” substitute “Part 4A”.
27
1
Section 82 (temporary public ownership) is amended as follows.
2
In subsection (2), for “the FSA are” substitute “the PRA is”.
3
In subsection (5), for paragraph (a) and the “and” following it, substitute—
a
the PRA,
aa
the FCA, and
28
After section 83 insert—
Banks not regulated by PRA
83AModifications of Part
1
In the application of this Part to an FCA-regulated bank the modifications specified in the Table apply.
2
In this section—
“FCA-regulated bank” means a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000;
“immediate group” has the meaning given by section 421ZA of the Financial Services and Markets Act 2000;
“PRA-authorised person” has the meaning given by section 2B(5) of that Act.
TABLE OF MODIFICATIONS
Provision
Modification
Section 7
- a
Treat the references to the PRA in subsections (1), (4), (4A) and (5) as references to the FCA.
- b
Ignore subsection (5)(aa).
- c
If the bank has as a member of its immediate group a PRA-authorised person the FCA must consult the PRA before determining whether or not Condition 2 is met.
Section 8
Subsection (3)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 9
Subsection (4)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 24
Ignore subsection (1)(c).
Section 25
Ignore subsection (2)(c).
Section 26
Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 26A
Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 27
Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 28
Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 29
Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 30
Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 31
Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 41
Ignore subsection (1)(c).
Section 42
Subsection (5)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 42A
Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 43
Subsection (7)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 44
Subsection (6)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 45
Subsection (8)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 46
Subsection (7)(a) does not apply unless the bank has as a member of its immediate group a PRA-authorised person.
Section 81B
- a
Treat the reference to the PRA in subsection (2) as a reference to the FCA.
- b
Ignore subsection (6)(b).
Section 82
- a
Treat the reference to the PRA in subsection (2) as a reference to the FCA.
- b
Ignore subsection (5)(a).