33(1)Section 194A (contravention by relevant EEA firm with UK branch of requirement under markets in financial instruments directive) is amended as follows.
(2)For “the Authority” or “the Authority's”, in each place, substitute “the appropriate regulator” or “the appropriate regulator's”.
(3)After subsection (8) insert—
“(9)Subsection (4) is not to be regarded as requiring the PRA to take action in relation to the contravention of a requirement falling within subsection (3) in a case where it is satisfied that the FCA is required to act, and is acting or has acted, under subsection (4)—
(a)in relation to that requirement, or
(b)where that requirement is imposed by rules made by the PRA, in relation to an identical requirement imposed by rules made by the FCA.
(10)“The appropriate regulator” means—
(a)where the relevant EEA firm is a PRA-authorised person, the FCA or, subject to subsection (9), the PRA;
(b)in any other case, the FCA.”
(4)In the heading, for “Authority” substitute “appropriate regulator”.