This section has no associated Explanatory Notes
23(1)Paragraph 3 (exercise of Treaty rights) is amended as follows.
(2)In sub-paragraph (2), for “Authority” substitute “appropriate UK regulator”.
(3)After that sub-paragraph insert—
“(2A)In sub-paragraph (2) “the appropriate UK regulator” means—
(a)where any of the activities to which the notification under that sub-paragraph relates is a PRA-regulated activity, the PRA;
(b)in any other case, the FCA.
(2B)Where the PRA receives a notification under sub-paragraph (2), it must give a copy to the FCA without delay.
(2C)Where the FCA receives a notification under sub-paragraph (2), it must in prescribed cases give a copy to the PRA without delay.”