After paragraph 24 insert—

“Arrangements between FCA and PRA

24A

(1)

The regulators may make arrangements about—

(a)

how they will consult each other when required to do so by paragraph 19(7C) or (7D) or 20(3AA) or (3AB) or by regulations under paragraph 22;

(b)

how each of them will act in response to any advice or representations received from the other.

(2)

The arrangements may require one regulator to obtain the consent of the other in specified circumstances before—

(a)

giving a consent notice under paragraph 19 or 20, or

(b)

exercising specified functions under regulations under paragraph 22.

(3)

The arrangements must be in writing, and must specify—

(a)

the EEA rights to which they relate, and

(b)

the date on which they come into force.

(4)

Where arrangements are in force under this paragraph, the regulators must exercise functions in accordance with the arrangements.

(5)

The regulators must publish any arrangements under this paragraph in such manner as they think fit.”