Notice to PRA of preliminary steps105

1

Section 120 (notice to PRA of preliminary steps)155 is amended as follows.

2

In subsection (5), for “PRA has” substitute “the PRA and the Bank of England have”.

3

In subsection (7)—

a

in paragraph (a), for “2 weeks” substitute “7 days”, and

b

for paragraph (b) substitute—

b

both—

i

the Bank of England has informed the person who gave the notice that it does not intend to exercise a stabilisation power under Part 1 in relation to the firm (and Condition 5 has been met, if applicable), and

ii

each of the PRA and the Bank of England has informed the person who gave the notice that it does not intend to apply for a bank insolvency order.

4

In subsection (10)—

a

for “Where the PRA receives notice under Condition 1” substitute “Where notice has been given under Condition 1”, and

b

omit paragraph (a).