SCHEDULES

SCHEDULE 5Performance of regulated activities

8

In section 63A (performance of controlled functions without approval: power to impose penalties)—

(a)

for “Authority”, in each place, substitute “ appropriate regulator ”,

(b)

after subsection (5) insert—

“(5A)

The appropriate regulator”—

(a)

in relation to a controlled function which is of a description specified in rules made by the FCA, means the FCA, and

(b)

in relation to a controlled function which is of a description specified in rules made by the PRA, means the PRA.”, and

(c)

in subsection (6), after “Any” insert “ other ”.