Investment firms101

1

Section 89A (application to investment firms)134 is amended as follows.

2

In subsection (1), for “subsection (2)” substitute—

the following Table—

Provision

Modification

Section 1

Ignore subsection (2)(b).

Section 4

Ignore subsections (2)(b), (6) and (7)(b).

Section 5

Ignore subsection (1)(b).

Section 7

Ignore subsection (7).

Section 8

Ignore subsection (2)(c).

Section 8ZA

In subsection (5), ignore the reference to the bank insolvency procedure.

Section 12AA

In subsection (2), in the definition of “normal insolvency proceedings” ignore the reference to the bank insolvency procedure.

Section 14

Ignore subsection (5).

Section 60

In subsection (3)(c), ignore the reference to bank insolvency.

Section 60B135

In subsection (4), ignore the reference to bank insolvency.

Section 63

In subsection (1A)136, ignore the reference to bank insolvency.

Section 66

In subsection (1ZA)137, ignore the reference to bank insolvency.

3

For subsection (2) substitute—

2

In the case of investment firms which are FCA-regulated investment firms, in subsection (1) the reference to this Part is a reference to this Part as it applies to FCA-regulated banks by virtue of section 83A.

3

In this section—

  • “FCA-regulated bank” has the meaning given by section 83A(2);

  • “FCA-regulated investment firm” means an investment firm which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000.