SCHEDULES

SCHEDULE 17Amendments of Banking Act 2009 related to Part 2 of this Act

PART 3Amendments of Part 3 to the Act

I146

Part 3 of the Banking Act 2009 is amended as follows.

I247

In section 147 (administrator's proposals), in subsection (6), for “FSA” substitute “ PRA and a copy of it to the FCA ”.

I348

In section 153 (successful rescue), in subsection (3), for “FSA” substitute “ PRA and the FCA ”.

I449

In section 157 (other processes), in subsection (1), for “Before exercising an insolvency power in respect of a residual bank the FSA” substitute “ Before the PRA or the FCA exercises an insolvency power in respect of a residual bank, whichever of them is exercising the power ”.

I550

After section 157 insert—

157ABanks not regulated by PRA

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.

TABLE OF MODIFICATIONS

Provision

Modification

Section 147

The bank administrator must send the statement to the FCA (and need not send a copy of it to the PRA).

Section 153

Ignore the reference to the PRA in subsection (3).

Section 157

Ignore the reference to the PRA in subsection (1).

I651

In section 166 (interpretation: general), for subsection (2) substitute—

2

In this Part—

  • “the FCA” means the Financial Conduct Authority, and

  • “the PRA” means the Prudential Regulation Authority.