Financial Services Act 2012

(2B) (1) If it appears to the Chancellor of the Exchequer that in the circumstances it is desirable to do so, the Chancellor may, before the end of the 3 years for which a person is appointed as a member of the Committee under section 13(2)(c), extend the persons's term of office on one occasion for a specified period of not more than 6 months. (2) The term being extended may be the person's first or second term. (3) If a person whose first term of office is extended is subsequently re-appointed under section 13(2)(c)— (a) the length of the second term is to be reduced by a period equal to the extension of the first term, but (b) the second term may itself subsequently be extended under sub-paragraph (1).

• (5) In paragraph 3—

• (a) the existing provision becomes sub-paragraph (1), and

• (b) after that provision insert—

(2) Where the notice relates to a person appointed under section 13(2)(c), the Bank must give a copy of the notice to the Treasury.

• (6) In paragraph 4—

• (a) omit sub-paragraph (1),

• (b) for sub-paragraph (2) substitute—

(2) The terms and conditions on which a person holds office as a member of the Committee appointed under section 13(2)(c) are to be such as the Oversight Committee may determine.

, and

• (c) omit sub-paragraph (3).

• (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (8) In paragraph 9—

• (a) in sub-paragraph (1)—

• (i) for “Bank” substitute “ Oversight Committee ”, and

• (ii) in paragraph (a), for “the Committee's meetings” and “the Committee's consent” substitute “ meetings of the Monetary Policy Committee ” and “that Committee's consent”, and

• (b) omit sub-paragraph (2).

• (9) In paragraphs 10(2) and 11(3), leave out “with executive responsibility”.

• (10) After paragraph 13 insert—

(13A) The Committee may invite other persons to attend, or to attend and speak at, any meeting of the Committee.

• (11) Sub-paragraph (3) does not affect the term of any appointment made before the commencement of that sub-paragraph, and sub-paragraph (6) does not affect the status of a person appointed before the commencement of that sub-paragraph during the remainder of the term for which the person had been appointed.

Immunity

3

• (1) Section 244 of the Banking Act 2009 (immunity) is amended as follows.

• (2) In subsection (2)—

• (a) in paragraph (a), for “servant” substitute “ employee ”, and

• (b) in paragraph (c), for “functions exercised” substitute “ the exercise or purported exercise of the Bank's functions under the Financial Services and Markets Act 2000, of its other regulatory functions or of functions undertaken ”.

• (3) After subsection (2) insert—

(2A) The Bank's functions under the Financial Services and Markets Act 2000 are to be taken to include any functions that it may exercise as a result of an appointment under any of sections 97, 166 to 169 and 284 of that Act.

Changes in terminology

4

In section 4 of the Bank of England Act 1998 (Bank's annual report), in subsection (4)(a), for “directors” substitute “ non-executive directors ”.

5

In Schedule 7 to the Bank of England Act 1998 (restriction on disclosure of information), in paragraph 1(3)(a), for “servant” substitute “ employee ”.

6

In Part 3 of Schedule 1 to the House of Commons Disqualification Act 1975 (other disqualifying offices), in the entry relating to the Bank of England, for “Director” substitute “ non-executive director ”.

7

In Part 3 of Schedule 1 to the Northern Ireland Assembly Disqualification Act 1975 (other disqualifying offices), in the entry relating to the Bank of England, for “Director” substitute “ non-executive director ”.

SCHEDULE 3

These are the Schedules 1ZA and 1ZB to be substituted for Schedule 1 to FSMA 2000—

SCHEDULE 4

PART 1 — Amendments of Schedule 3 to FSMA 2000: EEA passport rights

Introductory

1

Schedule 3 to FSMA 2000 (EEA passport rights) is amended as follows.

Exercise of passport rights by EEA firms

2

• (1) Paragraph 13 (establishment) is amended as follows.

• (2) In sub-paragraphs (1) and (1A), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

• (3) After sub-paragraph (1A) insert—

(1B) Where the PRA receives a consent notice, it must give a copy to the FCA without delay. (1C) Where the FCA receives a consent notice it must in prescribed cases give a copy to the PRA without delay. (1D) In a case where the FCA is the appropriate UK regulator, the consent of the PRA is required for any notice by the FCA for the purposes of sub-paragraph (1)(ba) which relates to— (a) a PRA-regulated activity, (b) a PRA-authorised person, or (c) a person whose immediate group includes a PRA-authorised person. (1E) If the FCA— (a) receives a consent notice, or (b) receives under sub-paragraph (1B) a copy of a consent notice, it must prepare for the firm's supervision. (1F) If the PRA— (a) receives a consent notice, or (b) receives under sub-paragraph (1C) a copy of a consent notice which identifies PRA-regulated activities or relates to a PRA-authorised person, it must prepare for the firm's supervision.

• (4) In sub-paragraph (2)—

• (a) for “Authority” substitute “ appropriate UK regulator ”, and

• (b) omit paragraph (a).

• (5) In sub-paragraph (3), for “Authority” substitute “ appropriate UK regulator ”.

• (6) In sub-paragraph (4), after the definition of “applicable provisions” insert—

“the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the relevant single market directive;

.

3

• (1) Paragraph 14 (services) is amended as follows.

• (2) In sub-paragraph (1), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

• (3) After sub-paragraph (1) insert—

(1A) Relevant notice” means— (a) a regulator's notice, or (b) where none is required by sub-paragraph (1), a notice informing the appropriate UK regulator of the firm's intention to provide services in the United Kingdom. (1B) Where the PRA receives a relevant notice, it must give a copy to the FCA without delay. (1C) Where the FCA receives a relevant notice, it must in prescribed cases give a copy to the PRA without delay. (1D) If the FCA— (a) receives a relevant notice, or (b) receives under sub-paragraph (1B) a copy of a relevant notice, it must prepare for the firm's supervision. (1E) If the PRA— (a) receives a relevant notice, or (b) receives under sub-paragraph (1C) a copy of a relevant notice which identifies PRA-regulated activities or relates to a PRA-authorised person, it must, unless the firm falls within paragraph 5(e), prepare for the firm's supervision.

• (4) For sub-paragraph (2) substitute—

(2) If the appropriate UK regulator has received a relevant notice, it must, unless the firm falls within paragraph 5(a) or (e), notify the firm of the applicable provisions (if any).

• (5) Omit sub-paragraph (2A).

• (6) In sub-paragraph (3)—

• (a) for “(2)(b)” substitute “ (2) ”, and

• (b) for the words from “Authority” to the end substitute “ appropriate UK regulator received the relevant notice ”.

• (7) In sub-paragraph (4), after the definition of “applicable provisions” insert—

“the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the relevant single market directive;

.

4

• (1) Paragraph 15A (application for approval to manage UCITS) is amended as follows.

• (2) For “Authority” or “Authority's”, in each place, substitute “ appropriate UK regulator ” or “appropriate UK regulator's”.

• (3) After sub-paragraph (6) insert—

(6A) If— (a) the FCA is the appropriate UK regulator, and (b) the firm is, or the firm's immediate group includes, a PRA-authorised person, the FCA must give the PRA a copy of the notice under sub-paragraph (4).

• (4) In sub-paragraph (7), before the definition of “specified” insert—

“the appropriate UK regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the UCITS directive;

.

5

• (1) Paragraph 15B (representations and references to the Tribunal) is amended as follows.

• (2) For “Authority”, in both places, substitute “ appropriate UK regulator ”.

• (3) After sub-paragraph (3) insert—

(4) In this paragraph “the appropriate UK regulator” has the same meaning as in paragraph 15A.

6

In paragraph 15C (information to home state regulator), in sub-paragraph (1), for “Authority” substitute “ appropriate UK regulator, as defined in paragraph 15A(7), ”.

7

In paragraph 17 (continuing regulation of EEA firms)—

• (a) before paragraph (a) insert—

(za) require the FCA and the PRA to notify each other about EEA firms qualifying for authorisation;

, and

• (b) in paragraph (c), for “the Authority” substitute “ the FCA or the PRA ”.

8

In paragraph 18 (giving up right to authorisation), in paragraph (b), for “Part IV permission” substitute “ Part 4A permission ”.

Exercise of passport rights by UK firms

9

In Part 3 (exercise of passport rights by UK firms), before the italic heading before paragraph 19 insert—

(18A) In this Part of this Schedule “the appropriate UK regulator” means— (a) where the UK firm is a PRA-authorised person, the PRA; (b) in any other case, the FCA.

10

• (1) Paragraph 19 (establishment) is amended as follows.

• (2) For “Authority”, in each place, substitute “ appropriate UK regulator ”.

• (3) After sub-paragraph (7B) insert—

(7C) Where the PRA is the appropriate UK regulator, it must consult the FCA before deciding whether to give a consent notice, except where sub-paragraph (7A) applies. (7D) Where the FCA is the appropriate UK regulator, it must consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.

11

• (1) Paragraph 20 (services) is amended as follows.

• (2) For “Authority”, in each place, substitute “ appropriate UK regulator ”.

• (3) After sub-paragraph (3A) insert—

(3AA) Where the PRA is the appropriate UK regulator, it must consult the FCA before deciding whether to give a consent notice. (3AB) Where the FCA is the appropriate UK regulator, it must consult the PRA before deciding whether to give a consent notice in relation to a UK firm whose immediate group includes a PRA-authorised person.

12

In paragraph 20ZA (information for host state regulator), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

13

In paragraph 20B (notice of intention to market), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

14

In paragraph 22 (continuing regulation of UK firms), in sub-paragraph (3)—

• (a) for “the Authority's consent” substitute “ the consent of the FCA or the PRA ”, and

• (b) in paragraph (b), for “the Authority” substitute “ the FCA or the PRA ”.

15

• (1) Paragraph 23 (power to impose requirements) is amended as follows.

• (2) For “the Authority”, in each place, substitute “ the FCA ”.

• (3) In sub-paragraph (1)(a), for “Part IV permission” substitute “ Part 4A permission ”.

• (4) In sub-paragraphs (2) and (2A), for “section 45” substitute “ section 55L or 55M ”.

• (5) After sub-paragraph (2A) insert—

(2B) This paragraph does not affect any duty of the FCA to consult the PRA before exercising its power under section 55L or 55M.

16

• (1) Paragraph 24 (which relates to UK firms exercising rights under the banking consolidation directive) is amended as follows.

• (2) In sub-paragraph (1)(a), for “Part IV permission” substitute “ Part 4A permission ”.

• (3) In sub-paragraph (2)—

• (a) for “the Authority”, in the first place, substitute “ either regulator ”,

• (b) in paragraph (a), for “Part IV permission” substitute “ Part 4A permission ”, and

• (c) in paragraph (b), for “the Authority” substitute “ that regulator ”.

17

After paragraph 24 insert—

(24A) (1) The regulators may make arrangements about— (a) how they will consult each other when required to do so by paragraph 19(7C) or (7D) or 20(3AA) or (3AB) or by regulations under paragraph 22; (b) how each of them will act in response to any advice or representations received from the other. (2) The arrangements may require one regulator to obtain the consent of the other in specified circumstances before— (a) giving a consent notice under paragraph 19 or 20, or (b) exercising specified functions under regulations under paragraph 22. (3) The arrangements must be in writing, and must specify— (a) the EEA rights to which they relate, and (b) the date on which they come into force. (4) Where arrangements are in force under this paragraph, the regulators must exercise functions in accordance with the arrangements. (5) The regulators must publish any arrangements under this paragraph in such manner as they think fit.

18

In paragraph 25 (information to be included in the public record) for “Authority” substitute “ FCA ”.

19

In paragraph 26 (UK management companies: delegation of functions), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

20

In paragraph 27 (UK management companies: withdrawal of authorisation), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

21

In paragraph 28 (management companies: request for information), for “Authority”, in each place, substitute “ appropriate UK regulator ”.

PART 2 — Amendments of Schedule 4 to FSMA 2000: Treaty rights

22

Schedule 4 to FSMA 2000 (Treaty rights) is amended as follows.

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.

24

After paragraph 3 insert—

(3A) Regulations may require the PRA and the FCA to notify each other about Treaty firms qualifying for authorisation.

25

• (1) Paragraph 4 (permission) is amended as follows.

• (2) In sub-paragraph (3)—

• (a) for “a Part IV permission” substitute “ a Part 4A permission ”, and

• (b) for “Authority” substitute “ appropriate UK regulator ”.

• (3) In sub-paragraph (4), for “Authority” substitute “ appropriate UK regulator ”.

• (4) After that sub-paragraph insert—

(5) The appropriate UK regulator” means— (a) where the Treaty firm is a PRA-authorised person, the FCA or the PRA; (b) in any other case, the FCA.

26

• (1) Paragraph 5 (notice to Authority) is amended as follows.

• (2) In sub-paragraph (2), for “the Authority” substitute “ the appropriate UK regulator ”.

• (3) After sub-paragraph (2) insert—

(2A) The appropriate UK regulator” means— (a) where any of the activities to which the notice relates is a PRA-regulated activity, the PRA; (b) in any other case, the FCA. (2B) Where the PRA receives a notice under sub-paragraph (2), it must give a copy to the FCA without delay. (2C) Where the FCA receives a notice under sub-paragraph (2) from— (a) a PRA-authorised person, or (b) a person whose immediate group includes a PRA-authorised person, it must give a copy to the PRA without delay.

• (4) For sub-paragraph (4) substitute—

(4) Subsections (1), (4) and (8) of section 55U apply to a notice under sub-paragraph (2) as they apply to an application for a Part 4A permission.

• (5) In the italic heading immediately before paragraph 5, for “Authority” substitute “ UK regulator ”.

PART 3 — Amendments of sections 34 and 35 of FSMA 2000: EEA firms and Treaty firms

27

• (1) Section 34 of FSMA 2000 (EEA firms) is amended as follows.

• (2) In subsection (2), for “the Authority” substitute “ the appropriate regulator ”.

• (3) After that subsection insert—

(2A) In subsection (2) “the appropriate regulator” means— (a) in the case of a PRA-authorised person, the PRA, and (b) in any other case, the FCA.

• (4) In subsection (3), for “Part IV permission” substitute “ Part 4A permission ”.

28

• (1) Section 35 of FSMA 2000 (Treaty firms) is amended as follows.

• (2) In subsection (2), for “the Authority” substitute “ the appropriate regulator ”.

• (3) After that subsection insert—

(2A) In subsection (2) “the appropriate regulator” means— (a) in the case of a PRA-authorised person, the PRA, and (b) in any other case, the FCA.

• (4) In subsection (3), for “Part IV permission” substitute “ Part 4A permission ”.

PART 4 — Amendments of Part 13 of FSMA 2000: Powers of intervention

29

Part 13 of FSMA 2000 (incoming firms: intervention by Authority) is amended as follows.

30

In the heading to Part 13, for “Authority” substitute “ FCA or PRA ”.

31

In section 193 (interpretation of Part 13), in subsection (1), in the definition of “power of intervention”, for “the Authority” substitute “ the FCA or the PRA ”.

32

• (1) Section 194 (general grounds on which power of intervention is exercisable) is amended as follows.

• (2) In subsection (1)—

• (a) for “Authority”, in each place, substitute “ appropriate regulator ”,

• (b) in paragraph (c), for the words from “meet” to the end substitute

advance— (i) in the case of the FCA, one or more of its operational objectives, and (ii) in the case of the PRA, any of its objectives.

• (3) After subsection (1A) insert—

(1B) The appropriate regulator” means— (a) where the incoming firm is a PRA-authorised person, the FCA or the PRA; (b) in any other case, the FCA.

• (4) In subsection (3), for “Authority”, in each place, substitute “ FCA ”.

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 ”.

34

• (1) Section 195 (exercise of power in support of overseas regulator) is amended as follows.

• (2) In subsection (1), for “Authority” substitute “ appropriate regulator ”.

• (3) In subsection (2), for “Authority's” substitute “appropriate regulator's”.

• (4) After subsection (2) insert—

(2A) The appropriate regulator” means— (a) where the incoming firm is a PRA-authorised person, the FCA or the PRA; (b) in any other case, the FCA.

• (5) In subsection (4)—

• (a) in paragraph (a), for “the Authority” substitute “ either regulator ”, and

• (b) omit paragraph (b).

• (6) In subsections (5) to (8), for “Authority”, in each place, substitute “ appropriate regulator ”.

35

• (1) Section 195A (contravention by relevant EEA firm or EEA UCITS of directive requirement: home state regulator primarily responsible for securing compliance) 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 (11A) insert—

(11B) Subsection (4) is not to be regarded as requiring the PRA to notify the home state regulator in relation to the contravention of a requirement falling within subsection (2) or (3) in a case where the PRA is satisfied that the FCA is required to act, and is acting or has acted, under subsection (4) in relation to that requirement.

• (4) In subsection (12), before the definition of “home state” insert—

“the appropriate regulator” means— (a) where the relevant EEA firm is a PRA-authorised person, the FCA or, subject to subsection (11B), the PRA; (b) in any other case, the FCA;

.

36

For section 196 substitute—

(196) (1) If a regulator is entitled to exercise its power of intervention in respect of an incoming firm under this Part, it may impose any requirement in relation to the firm which that regulator could impose if— (a) the firm's permission was a Part 4A permission; and (b) the regulator was entitled to exercise its power under section 55L(3) or 55M(3). (2) The FCA must consult the PRA before exercising its powers by virtue of this section in relation to— (a) a PRA-authorised person, or (b) a member of a group which includes a PRA-authorised person. (3) The PRA must consult the FCA before exercising its powers by virtue of this section.

37

• (1) Section 197 (procedure on exercise of power of intervention) is amended as follows.

• (2) In subsection (2), for “Authority” substitute “ regulator ”.

• (3) In subsection (3), for “the Authority” substitute “ a regulator ”.

• (4) In subsection (4)—

• (a) in paragraph (c), for “Authority's” substitute “regulator's”, and

• (b) in paragraph (d), for “Authority” substitute “ regulator ”.

• (5) In subsections (5) to (7), for “Authority”, in each place, substitute “ regulator ”.

38

• (1) Section 198 (power to apply to court for injunction in respect of certain overseas insurance companies) is amended as follows.

• (2) In subsections (1) to (3), for “Authority”, in each place, substitute “ appropriate regulator ”.

• (3) After subsection (3) insert—

(3A) The appropriate regulator” means whichever regulator is, at the time when the request is received, the competent authority for the purposes of the provision referred to in subsection (1)(a), (b) or (c).

39

• (1) Section 199 (additional procedure for EEA firms in certain cases) is amended as follows.

• (2) In subsection (1), for “the Authority” substitute “ a regulator ”.

• (3) In subsection (2)(a)(i), for “the Authority” substitute “ that regulator ”.

• (4) In subsections (3) to (11), for “the Authority” substitute “ the regulator ”.

• (5) After subsection (11) insert—

(12) Subsection (3) is not to be regarded as requiring the PRA to take action in relation to the contravention of a relevant requirement in a case where it is satisfied that the FCA is required to act, and is acting or has acted, under subsection (3)— (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.

40

• (1) Section 199A (management companies: loss of authorisation) is amended as follows.

• (2) In subsection (2), for “Authority”, in both places, substitute “ appropriate regulator ”.

• (3) For subsection (4) substitute—

(4) In this section— - “the appropriate regulator” means whichever of the FCA and the PRA is the competent authority for the purposes of the UCITS directive; - “collective investment scheme” has the same meaning as in Part 17.

41

• (1) Section 200 (rescission and variation of requirements) is amended as follows.

• (2) In subsection (1), for “The Authority” substitute “ Either regulator ”.

• (3) In subsection (2)—

• (a) for “the Authority”, in the first place, substitute “ either regulator ”, and

• (b) for “the Authority”, in the second place, substitute “ the regulator ”.

• (4) In subsections (3) and (4), for “Authority” substitute “ regulator ”.

• (5) In subsection (5)—

• (a) for “the Authority”, in the first place, substitute “ either regulator ”, and

• (b) in paragraph (a), for “the Authority” substitute “ the regulator ”.

42

For section 201 substitute—

(201) If either regulator, in exercising its power of intervention, imposes on an incoming firm a requirement of the kind mentioned in subsection (4) of section 55P, the requirement has the same effect in relation to the firm as it would have in relation to an authorised person if it had been imposed on the authorised person by the regulator acting under section 55L or 55M.

43

In section 202 (contravention of requirement imposed under Part 13), in subsection (1), for “the Authority” substitute “ a regulator ”.

SCHEDULE 5

1

Part 5 of FSMA 2000 is amended as follows.

2

• (1) Section 58 (applications relating to prohibition orders: procedure and right to refer to Tribunal) is amended as follows.

• (2) In subsections (2) to (5), for “Authority” substitute “ appropriate regulator ”.

• (3) After subsection (5) insert—

(6) The appropriate regulator” means the regulator to which the application is made.

3

In section 59 (approval for particular arrangements), omit subsection (9).

4

• (1) Section 60 (applications for approval), for “Authority” or “Authority's”, in each place, substitute “ appropriate regulator ” or “appropriate regulator's”.

• (2) For subsection (3) substitute—

(3) At any time after the application is received and before it is determined, the appropriate regulator may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application or, as the case requires, to decide whether to give consent.

• (3) In subsection (6), for “Part IV” substitute “ Part 4A ”.

• (4) After subsection (6) insert—

(7) The PRA must consult the FCA before— (a) giving a direction under subsection (2)(a) in relation to a class of applicants, or (b) imposing a requirement under subsection (2)(b) on a class of applicants. (8) The PRA must as soon as practicable notify the FCA of the receipt or withdrawal of an application to the PRA, unless the case is one in which by virtue of arrangements under section 59B the consent of the FCA is not required. (9) “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; (b) in relation to a controlled function which is of a description specified in rules made by the PRA, means the PRA, and for the purposes of subsection (3) also includes the FCA in cases where the consent of the FCA is required.

5

• (1) Section 61 (determination of applications) is amended as follows.

• (2) In subsection (1), for “The Authority may grant an application made under section 60” substitute “ The regulator to which an application is made under section 60 may grant the application ”.

• (3) In subsection (2)—

• (a) for “the Authority” substitute “ the regulator ”, and

• (b) after “general rules” insert “ made by that regulator ”.

• (4) After subsection (2) insert—

(2A) Subsections (1) and (2) apply in relation to the giving by the FCA of any required consent as they apply in relation to the grant of the application.

• (5) In subsection (3), for the words from the beginning to “determine” substitute “ The regulator to which an application is made under section 60 must, before the end of the period for consideration, determine ”.

• (6) After subsection (3) insert—

(3A) The period for consideration”— (a) in any case where the application under section 60 is made by a person applying for permission under Part 4A (see section 60(6)), means whichever ends last of— (i) the period within which the application for that permission must be determined under section 55V(1) or (2), and (ii) the period of 3 months beginning with the date on which the regulator receives the application under section 60, and (b) in any other case, means the period of 3 months beginning with the date on which the regulator receives the application under section 60.

• (7) In subsection (4), for “the Authority”, in each place, substitute “ a regulator ”.

• (8) In subsection (5)—

• (a) for “Authority”, in the first place, substitute “ regulator to which the application was made ”, and

• (b) for “Authority”, in the second place, substitute “ regulator ”.

6

• (1) Section 62 (applications for approval: procedure and right to refer to Tribunal) is amended as follows.

• (2) In subsection (1), for the words from “If” to “, it” substitute “ If the regulator to which an application is made under section 60 (“an application”) decides to grant the application, it ”.

• (3) In subsections (2) to (4)—

• (a) for “the Authority” substitute “ the regulator to which an application is made ”, and

• (b) for “an application” substitute “ the application ”.

7

• (1) Section 63 (withdrawal of approval) is amended as follows.

• (2) In subsection (2)—

• (a) for “its approval, the Authority may take into account any matter which it could take into account if it were” substitute “ an approval, the FCA or the PRA may take into account any matter which could be taken into account in ”, and

• (b) at the end insert “ (on the assumption, if it is not the case, that the application was one falling to be considered by it) ”.

• (3) In subsections (3) to (5)—

• (a) for “the Authority” substitute “ a regulator ”, and

• (b) for “its approval” substitute “ an approval ”.

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 ”.

9

In section 63B (procedure and right to refer to Tribunal), for “the Authority”, in each place, substitute “ a regulator ”.

10

• (1) Section 63C (statement of policy) is amended as follows.

• (2) In subsection (1), for “The Authority” substitute “ Each regulator ”.

• (3) In subsections (2) and (3), for “The Authority's” substitute “Each regulator's”.

• (4) In subsection (4), for “the Authority” substitute “ the regulator that has issued the statement ”.

• (5) In subsection (5)—

• (a) for “The Authority” substitute “ A regulator ”, and

• (b) after “issued” insert “ by it ”.

• (6) In subsection (6), for “replaced, the Authority” substitute “ replaced by a regulator, the regulator ”.

• (7) In subsection (7), for “The Authority” substitute “ A regulator ”.

• (8) In subsection (8)—

• (a) after “section” insert “ by a regulator ”, and

• (b) for “Authority”, in both places, substitute “ regulator ”.

• (9) In subsection (9), for “Authority” substitute “ regulator ”.

• (10) In subsection (10)—

• (a) for “the Authority” substitute “ a regulator ”, and

• (b) after “published” insert “ by it ”.

11

• (1) Section 63D (statement of policy: procedure) is amended as follows.

• (2) In subsection (1)—

• (a) for “issuing” substitute “ a regulator issues ”, and

• (b) for “Authority”, in both places, substitute “ regulator ”.

• (3) In subsections (2), (3), (4) and (5) (in both places), for “Authority” substitute “ regulator ”.

• (4) In subsection (6)—

• (a) for “The Authority” substitute “ A regulator ”, and

• (b) after “published” insert “ by it ”.

12

• (1) Section 64 (conduct of approved persons: statement and codes) is amended as follows.

• (2) In subsection (2)—

• (a) for “the Authority” substitute “ a regulator ”, and

• (b) after “subsection (1)” insert “ or (1A) ”.

• (3) In subsection (3)(a) to (c), for “Authority” substitute “ regulator issuing the code ”.

• (4) In subsection (4)—

• (a) for “The Authority” substitute “ A regulator ”, and

• (b) after “issued” insert “ by it ”.

• (5) In subsection (5)—

• (a) after “replaced” insert “ by a regulator ”, and

• (b) for “Authority” substitute “ regulator ”.

• (6) In subsection (6)—

• (a) for “the Authority”, in the first place, substitute “ the regulator that issued it ”, and

• (b) for “the Authority”, in the second place, substitute “ that regulator ”.

• (7) In subsection (10), for “The Authority” substitute “ A regulator ”.

• (8) In subsection (11), for paragraph (b) substitute—

(b) is to be treated for the purposes of section 1B(6)(a) as part of the FCA's rule-making functions (where the power is exercisable by the FCA) and is to be treated for the purposes of section 2J(1)(a) as part of the PRA's rule-making functions (where the power is exercisable by the PRA).

• (9) In subsection (12)—

• (a) for “The Authority” substitute “ A regulator ”, and

• (b) after “published” insert “ by it ”.

• (10) For subsection (13) substitute—

(13) Any expression which is used both in this section and section 59 has the same meaning in this section as in that section.

13

• (1) Section 65 (statements and codes: procedure) is amended as follows.

• (2) For subsection (1) substitute—

(1) Before a regulator issues a statement or code under section 64, it must— (a) consult the other regulator; and (b) after doing so, publish a draft of the statement or code in the way appearing to it to be best calculated to bring the statement or code to the attention of the public. (1A) The duty of the FCA to consult the PRA under subsection (1)(a) applies only in so far as the statement or code applies to persons in relation to whom approval is given under section 59 in respect of the performance by them of significant-influence functions (within the meaning of that section) in relation to the carrying on by PRA-authorised persons of regulated activities.

• (3) In subsection (2)(b), for “the Authority” substitute “ the regulator publishing the draft ”.

• (4) In subsection (3)—

• (a) for “issuing” substitute “ a regulator issues ”, and

• (b) for “the Authority” substitute “ it ”.

• (5) In subsection (4), for “the Authority” substitute “ a regulator ”.

• (6) In subsection (5)—

• (a) for “the Authority”, in the first place, substitute “ the regulator issuing the statement or code ”, and

• (b) for “the Authority”, in the second place, substitute “ the regulator ”.

• (7) In subsection (6), for “the Authority” substitute “ the regulator concerned ”.

• (8) For subsection (7) substitute—

(7) Subsections (1)(b) and (2) to (6) do not apply in relation to— (a) a statement or code issued by the FCA if it considers that the delay involved in complying with them would be prejudicial to the interests of consumers, as defined in section 425A; or (b) a statement or code issued by the PRA if it considers that the delay involved in complying with them would— (i) be prejudicial to the safety and soundness of PRA-authorised persons, or (ii) in a case where section 2C applies, be prejudicial to securing the appropriate degree of protection for policyholders.

• (9) In subsection (9)—

• (a) for “The Authority” substitute “ A regulator ”, and

• (b) after “published” insert “ by it ”.

• (10) For subsection (11) substitute—

(11) Cost benefit analysis” means— (a) an analysis of the costs together with an analysis of the benefits that will arise— (i) if the proposed statement or code is issued, or (ii) if subsection (5)(b) applies, from the statement or code that has been issued, and (b) subject to subsection (11A), an estimate of those costs and of those benefits. (11A) If, in the opinion of the regulator concerned— (a) the costs or benefits referred to in subsection (11) cannot reasonably be estimated, or (b) it is not reasonably practicable to produce an estimate, the cost benefit analysis need not estimate them, but must include a statement of the opinion of the regulator concerned and an explanation of it.

14

• (1) Section 66 (disciplinary powers) is amended as follows.

• (2) In subsection (1)—

• (a) in the opening words—

• (i) for “The Authority” substitute “ A regulator ”, and

• (ii) after “this section” insert “ (whether or not it has given its approval in relation to the person) ”, and

• (b) in paragraphs (a) and (b), for “ Authority” substitute “ regulator ”.

• (3) For subsection (2) substitute—

(2) For the purposes of action by the FCA, a person is guilty of misconduct if, while an approved person— (a) the person has failed to comply with a statement of principle issued by the FCA under section 64, or (b) the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person— (i) by or under this Act, or (ii) by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order. (2A) For the purposes of action by the PRA, a person is guilty of misconduct if, while an approved person in respect of the performance of a significant-influence function in relation to the carrying on by a PRA-authorised person of a regulated activity— (a) the person has failed to comply with a statement of principle issued by the PRA under section 64, or (b) the person has been knowingly concerned in a contravention by the relevant authorised person of a requirement imposed on that authorised person— (i) by or under this Act, or (ii) by any qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order.

• (4) In subsection (3), for “Authority” substitute “ regulator ”.

• (5) In subsection (3D), for “The Authority” substitute “ The regulator taking action under this section ”.

• (6) In subsection (4)—

• (a) for “The Authority”, in the first place, substitute “ A regulator ”, and

• (b) for “the Authority”, in the second place, substitute “ the regulator ”.

• (7) In subsection (5)(a), for “the Authority” substitute “ a regulator ”.

• (8) For subsection (6) substitute—

(6) Approved person” means a person in relation to whom an approval is given under that section.

15

• (1) Section 67 (disciplinary measures: procedure and right to refer to Tribunal) is amended as follows.

• (2) In subsections (1) and (4), for “the Authority” substitute “ a regulator ”.

• (3) In subsection (7)—

• (a) for “the Authority”, in the first place, substitute “ a regulator ”, and

• (b) for “the Authority”, in the second place, substitute “ the regulator ”.

• (4) In subsection (9)—

• (a) for “an approved person (“A”),” substitute “ a person (“A”) in relation to whom approval has been given, ”, and

• (b) omit the second sentence.

16

In section 68 (publication), for “the Authority” substitute “ the regulator publishing it ”.

17

• (1) Section 69 (statement of policy) is amended as follows.

• (2) In subsection (1), for “The Authority must” substitute “ Each regulator must ”.

• (3) In subsection (2), for “The Authority's” substitute “A regulator's”.

• (4) In subsection (3)—

• (a) for “The Authority” substitute “ A regulator ”, and

• (b) after “issued” insert “ by it ”.

• (5) In subsection (4), for “replaced, the Authority” substitute “ replaced by a regulator, the regulator ”.

• (6) In subsection (5), for “The Authority” substitute “ A regulator ”.

• (7) In subsection (6)—

• (a) after “section” insert “ by a regulator ”, and

• (b) for “the Authority”, in both places, substitute “ the regulator ”.

• (8) In subsection (7), for “Authority” substitute “ regulator ”.

• (9) In subsection (8)—

• (a) for “the Authority” substitute “ a regulator ”, and

• (b) after “published” insert “ by it ”.

18

• (1) Section 70 (statements of policy: procedure) is amended as follows.

• (2) In subsection (1)—

• (a) for “issuing” substitute “ a regulator issues ”, and

• (b) for “Authority”, in both places, substitute “ regulator ”.

• (3) In subsections (2), (3), (4) and (5) (in both places), for “Authority” substitute “ regulator ”.

• (4) In subsection (6)—

• (a) for “The Authority” substitute “ A regulator ”, and

• (b) after “published” insert “ by it ”.

SCHEDULE 6

1

Part 7 of FSMA 2000 is amended as follows.

2

Before section 104 insert—

(103A) (1) In this Part “the appropriate regulator” means— (a) in relation to a scheme in respect of which the authorised person concerned is a PRA-authorised person, the PRA; (b) in any other case, the FCA. (2) In this Part, “the authorised person concerned”— (a) in the case of an insurance business transfer scheme, is to be read in accordance with section 105(2); (b) in the case of a banking business transfer scheme, is to be read in accordance with section 106(2); (c) in the case of a reclaim fund business transfer scheme, means the reclaim fund to whose business the scheme relates.

3

• (1) Section 109 (scheme reports) is amended as follows.

• (2) For “Authority”, in each place, substitute “ appropriate regulator ”.

• (3) After subsection (3) insert—

(4) Where the appropriate regulator is the PRA, it must consult the FCA before— (a) nominating or approving a person under subsection (2)(b), or (b) approving a form under subsection (3). (5) Subsection (6) applies where the appropriate regulator is the FCA and either— (a) the transferee is a PRA-authorised person, or (b) the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person. (6) The FCA must consult the PRA before— (a) nominating or approving a person under subsection (2)(b), or (b) approving a form under subsection (3).

4

• (1) Section 110 (right to participate in proceedings) is amended as follows.

• (2) The existing provision becomes subsection (1).

• (3) For paragraph (a) of that subsection substitute—

(a) the FCA, (aa) in the case of a scheme falling within subsection (2), the PRA, and

.

• (4) After that subsection insert—

(2) A scheme falls within this subsection if— (a) the authorised person concerned or the transferee is a PRA-authorised person, or (b) the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person.

5

In section 112 (effect of order sanctioning business transfer scheme), in subsections (10) and (11), for “Authority” substitute “ appropriate regulator ”.

6

After section 112 insert—

(112ZA) (1) Where the PRA receives under section 112(10) a copy of an order it must, without delay, give a copy of it to the FCA. (2) Where the FCA receives under section 112(10) a copy of an order it must, without delay, give a copy of it to the PRA if the order relates to a scheme in respect of which— (a) the transferee is a PRA-authorised person, or (b) the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person.

7

• (1) Section 113 (appointment of actuary) is amended as follows.

• (2) In subsection (2)—

• (a) for “the Authority”, in the first place, substitute “ either regulator ”, and

• (b) for “Authority”, in the second place, substitute “ regulator which made the application ”.

• (3) After that subsection insert—

(3) An application under subsection (2) may be made by the PRA only if— (a) the authorised person concerned or the transferee is a PRA-authorised person, or (b) the authorised person concerned or the transferee has as a member of its immediate group a PRA-authorised person.

8

In section 115 (certificates for purposes of insurance business transfers overseas), for “Authority” substitute “ appropriate regulator ”.

9

Schedule 12 to FSMA (transfer schemes: certificates) is amended as follows.

10

In paragraph 1, for “the Authority”, in each place, substitute “ the appropriate regulator ”.

11

• (1) Paragraph 2 is amended as follows.

• (2) In the following places, for “Authority” substitute “ appropriate regulator ”

• (a) sub-paragraph (1)(b);

• (b) in the first place in sub-paragraph (3).

• (3) In sub-paragraph (3), after “transferred” insert “ certification ”.

• (4) In sub-paragraph (6)(c), for “, the Authority” substitute

— (i) the PRA, if the transferee is a PRA-authorised person with a Part 4A permission or with permission under Schedule 4; (ii) the FCA, if the transferee is a person with a Part 4A permission or with permission under Schedule 4 but is not a PRA-authorised person.

12

In paragraph 3, for “Authority” substitute “ appropriate regulator ”.

13

In paragraph 4, for “Authority”, in the first place, substitute “ appropriate regulator ”.

14

In paragraph 5, for “Authority”, in the first place, substitute “ appropriate regulator ”.

15

In paragraph 5A, for “the Authority” substitute “ the appropriate regulator ”.

16

In paragraph 8(2)—

• (a) for paragraph (a) substitute—

(a) if the transferee is a PRA-authorised person with a Part 4A permission or with permission under Schedule 4, the PRA; (aa) if the transferee is a person with Part 4A permission or with permission under Schedule 4 but is not a PRA-authorised person, the FCA;

, and

• (b) in paragraph (c), after “(a)” insert “ , (aa) ”.

17

In paragraph 9, for “Authority” substitute “ appropriate regulator ”.

18

• (1) Paragraph 9A is amended as follows.

• (2) The existing provision becomes sub-paragraph (1).

• (3) In that sub-paragraph, for “Authority” substitute “ relevant regulator ”.

• (4) After that sub-paragraph insert—

(2) In this paragraph the “relevant regulator” means— (a) if the transferee is a PRA-authorised person, the PRA; (b) in any other case, the FCA.

19

• (1) Paragraph 10 is amended as follows.

• (2) In sub-paragraph (2), for “Authority” substitute “ FCA or the PRA ”.

• (3) In sub-paragraph (5), for “Authority” substitute “ regulator which supervises the transferee's margin of solvency ”.

• (4) In sub-paragraph (6), for “Authority” substitute “ FCA or the PRA ”.

SCHEDULE 7

This is the Schedule 17A to be inserted in FSMA 2000 after Schedule 17—

SCHEDULE 8

1

FSMA 2000 is amended as follows.

2

• (1) Section 286 (qualification for recognition) is amended as follows.

• (2) In subsection (1)(a), for “the Authority” substitute “ the appropriate regulator ”.

• (3) In subsections (4A), (4C) and (6), for “the Authority” substitute “ the FCA ”.

3

• (1) Section 287 (application by an investment exchange) is amended as follows.

• (2) In subsections (1) and (2) for “the Authority”, in each place, substitute “ the FCA ”.

• (3) In subsection (3)—

• (a) in paragraph (a), after “provision” insert “ by another person ”,

• (b) in paragraph (b), for “clearing services” substitute “ services falling within section 285(2)(b) ”, and

• (c) in paragraphs (d) and (e), for “the Authority” substitute “ the FCA ”.

4

• (1) Section 288 (application by a clearing house) is amended as follows.

• (2) In subsection (1), for “the Authority” substitute “ the Bank of England ”.

• (3) In subsection (2)—

• (a) in the opening words, for “the Authority” substitute “ the Bank of England ”, and

• (b) in paragraph (d), for “the Authority” substitute “ the Bank ”.

• (4) In subsection (3)(b), after “clearing services” insert “ or services falling within section 285(3)(b) ”.

5

In section 289 (applications: supplementary), in subsections (1), (2) (in both places) and (3), for “the Authority” substitute “ the appropriate regulator ”.

6

• (1) Section 290 (recognition orders) is amended as follows.

• (2) In subsection (1)—

• (a) for “the Authority”, in the first place, substitute “ the appropriate regulator ”, and

• (b) for “the Authority”, in the second place, substitute “ the regulator concerned ”.

• (3) In subsection (1B), for “the Authority” substitute “ the FCA ”.

• (4) Omit subsection (2).

• (5) In subsection (3), for “the Authority” substitute “ the appropriate regulator ”.

• (6) Omit subsection (6).

7

• (1) Section 290A (refusal of recognition on ground of excessive regulatory provision) is amended as follows.

• (2) In subsection (1)—

• (a) for “The Authority must” substitute “ The appropriate regulator must ”,

• (b) for “the Authority that” substitute “ it that ”,

• (c) omit the “or” following paragraph (a), and

• (d) at the end of paragraph (b) insert

or (c) the provision by the applicant of services falling within section 285(2)(b) or (3)(b),

.

• (3) In subsection (3), for “Authority” substitute “ appropriate regulator ”.

8

In section 292 (overseas investment exchanges and overseas clearing house), in subsections (2), (3)(c) and (d), (4) and (5)(c), for “the Authority” substitute “ the appropriate regulator ”.

9

In section 292A (publication of information by recognised investment exchange), in subsections (1), (3), (5) and (6), for “Authority” substitute “ FCA ”.

10

• (1) Section 293 (notification requirements) is amended as follows.

• (2) In subsections (1) to (3) and (5), for “Authority” substitute “ appropriate regulator ”.

• (3) In subsection (6)—

• (a) in paragraph (a), after “provision” insert “ by another person ”,

• (b) in paragraph (b), for “clearing services” substitute “ services falling within section 285(2)(b) ”, and

• (c) for “the Authority” substitute “ the FCA and the Bank of England ”.

• (4) In subsection (7)—

• (a) in paragraph (a), after “clearing services” insert “ or services falling within section 285(3)(b) ”,

• (b) in paragraph (b), after “clearing services” insert “ or services falling within section 285(3)(b) ”, and

• (c) for “the Authority” substitute “ the Bank of England and the FCA ”.

• (5) In subsection (9), for “the Authority's” substitute “the appropriate regulator's”.

11

For section 293A substitute—

(293A) The appropriate regulator may require a recognised body to give the appropriate regulator such information as the appropriate regulator reasonably requires in order to satisfy itself that the body is complying with any qualifying EU provision that is specified, or of a description specified, for the purposes of this section by the Treasury by order.

12

In section 294 (modification or waiver of rules), in subsections (1), (2), (4) and (6), for “Authority” substitute “ appropriate regulator ”.

13

• (1) Section 295 (notification: overseas investment exchanges and overseas clearing houses) is amended as follows.

• (2) In subsection (1), for “the Authority” substitute “ the appropriate regulator ”.

• (3) In subsection (2), for the words from “likely” to the end substitute “ likely to affect the appropriate regulator's assessment of whether it is satisfied as to the requirements set out in section 292(3) ”.

• (4) In subsection (3), for “the Authority” substitute “ the appropriate regulator ”.

• (5) Omit subsection (4).

14

• (1) Section 296 (power to give directions) is amended as follows.

• (2) In subsection (1), for “the Authority” substitute “ the appropriate regulator ”.

• (3) In subsection (1A)—

• (a) for the words from “in the case of a recognised body which is a recognised investment” to “the body” substitute “ if it appears to the appropriate regulator that a recognised body ”, and

• (b) for the words from “directly applicable” to the end substitute “ directly applicable EU regulation specified (or of a description specified) in an order made by the Treasury ”.

• (4) In subsection (2), for “The Authority” substitute “ The regulator concerned ”.

• (5) In subsection (2A)—

• (a) in the opening words, for “a recognised investment exchange other than an overseas investment exchange” substitute “ a recognised body other than an overseas investment exchange or overseas clearing house ”,

• (b) in paragraph (a)—

• (i) for “the Authority”, in both places, substitute “ the regulator concerned ”, and

• (ii) for “the exchange” substitute “ the body ”, and

• (c) in paragraph (b), for “the exchange” substitute “ the body ”.

• (6) In subsection (3), for “the Authority” substitute “ the regulator concerned ”.

• (7) In subsection (4), for “the Authority” substitute “ an appropriate regulator ”.

• (8) In the heading, for “Authority's” substitute “Appropriate regulator's”.

15

• (1) Section 297 (revoking recognition) is amended as follows.

• (2) In subsections (1) and (2), for “the Authority” substitute “ the appropriate regulator ”.

• (3) In subsection (2A)—

• (a) in the opening words—

• (i) for “the Authority” substitute “ the appropriate regulator ”, and

• (ii) omit “which is a recognised investment exchange”,

• (b) in paragraphs (a) and (b), after “exchange” insert “ or (as the case may be) of a clearing house ”, and

• (c) in paragraph (c), for the words from “directly applicable” to the end substitute “ directly applicable EU regulation specified (or of a description specified) in an order made by the Treasury ”.

• (4) In subsection (2C), at the end insert “ or overseas clearing house ”.

• (5) In subsections (5) and (6), for “the Authority” substitute “ the appropriate regulator ”.

16

In section 298 (directions and revocation: procedure)—

• (a) in subsections (1), (6) and (7), after “section 296” insert “ or 296A ”, and

• (b) in subsections (1), (2)(a), (3), (5), (6), (7) (in both places) and (8), for “the Authority” substitute “ the appropriate regulator ”.

17

In section 299 (complaints about recognised bodies), in subsections (1) and (2), for “Authority” substitute “ appropriate regulator ”.

18

In section 300A (power to disallow excessive regulatory provision)—

• (a) in subsection (1), for the words from “with” to the end substitute

with— (a) its business as an investment exchange, (b) the provision by it of clearing services, or (c) the provision by it of services falling within section 285(2)(b) or (3)(b).

, and

• (b) in subsections (2) (in both places) and (4), and in the heading, for “Authority” substitute “ appropriate regulator ”.

19

In section 300B (duty to notify proposal to make regulatory provision) for “Authority” (in each place) substitute “ appropriate regulator ”.

20

In section 300C (restriction on making provision before Authority decides whether to act), in subsections (1), (2)(a), (3) (in both places), (4)(a) and (b), and in the heading, for “Authority” substitute “ appropriate regulator ”.

21

• (1) Section 300D (consideration by Authority whether to disallow proposed provision) is amended as follows.

• (2) In subsections (1) to (4) and (5)(a) and (b), for “Authority” substitute “ appropriate regulator ”.

• (3) In subsection (6)—

• (a) in the opening words, for “the Authority” substitute “ the appropriate regulator ”,

• (b) in paragraph (b)—

• (i) for “the Authority's” substitute “the appropriate regulator's”, and

• (ii) for “the Authority” substitute “ the regulator concerned ”, and

• (c) in paragraph (c)(i) and (ii), for “the Authority” substitute “ the appropriate regulator ”.

• (4) In the heading, for “Authority” substitute “ appropriate regulator ”.

22

• (1) Section 301 (supervision of certain contracts) is amended as follows.

• (2) In subsection (2), for “the Authority” substitute “ the Bank of England ”.

• (3) In subsection (3)—

• (a) for “the Authority”, in the first place, substitute “ the FCA or the Bank of England ”, and

• (b) for “the Authority”, in the second place, substitute “ the Bank ”.

• (4) In subsections (4)(a), (6)(a), (7) and (9), for “Authority” substitute “ Bank of England ”.

23

In section 301A (obligation to notify the Authority: acquisitions of control), in subsections (1) and (2), and in the heading, for “the Authority” substitute “ the FCA ”.

24

In section 301B (requirements for s.301A notices), in subsections (1) to (3), for “Authority” substitute “ FCA ”.

25

In section 301C (acknowledgement of receipt), in subsections (1) and (2), for “Authority” substitute “ FCA ”.

26

In section 301F (assessment: general), in subsections (1) to (3), for “Authority” substitute “ FCA ”.

27

• (1) Section 301G (assessment: procedure) is amended as follows.

• (2) In subsections (1) (in both places) and (2) to (5), for “Authority” substitute “ FCA ”.

• (3) In subsection (6), for “the Authority's” substitute “the FCA's”.

28

In section 301H (duration of approval), in subsections (1), (2) and (3) (in both places), for “the Authority” substitute “ the FCA ”.

29

In section 301I (objections by the Authority), in subsections (1) to (5), and in the heading, for “Authority” substitute “ FCA ”.

30

In section 301J (restriction notices), in subsections (1), (2)(b), (3) and (7), for “Authority” substitute “ FCA ”.

31

In section 301K (order for sale of shares), in subsection (1), for “the Authority” substitute “ the FCA ”.

32

• (1) Section 301L (offences under Chapter) is amended as follows.

• (2) In subsections (1) and (2) (in both places), for “the Authority” substitute “ the FCA ”.

• (3) In subsection (4), for “the Authority's” substitute “the FCA's”.

• (4) In subsections (5) and (9), for “the Authority” substitute “ the FCA ”.

33

In section 312A (exercise of passport rights by EEA market operator), in subsection (1)(b), for “the Authority” substitute “ the FCA ”.

34

In section 312B (removal of passport rights from EEA market operator), in subsections (1) (in each place), (3), (4)(b), (5), (6), (7)(a) and (b), (8)(b), (9) to (11), (12) (in both places) and (13) (in the first place), for “Authority” substitute “ FCA ”.

35

In section 312C (exercise of passport rights by recognised investment exchange), in subsections (2) to (6), for “Authority” substitute “ FCA ”.

36

• (1) Section 313 (interpretation) is amended as follows.

• (2) In subsection (1)—

• (a) after the definition of “applicant” insert—

“central counterparty clearing services” has the same meaning as in section 155 of the Companies Act 1989 (see subsection (3A) of that section);

, and

• (b) at the end insert—

“UK clearing house” means a clearing house— (a) which has its head office or its registered office (or both) in the United Kingdom, (b) which provides central counterparty clearing services, and (c) in relation to which a recognition order is in force.

• (3) In subsection (4), after “clearing services” insert “ or services falling within section 285(3)(b) ”.

37

In section 392 (warning and decisions notices: application of provisions relating to third party rights and access to evidence)—

• (a) in paragraph (a), after “section 280(1),” insert “ section 312G(1), ”, and

• (b) in paragraph (b), after “section 280(2),” insert “ section 312H(1), ”.

38

In section 412A (approval and monitoring of trade-matching and reporting systems), in subsections (1), (2), (4), (5) (in both places), (6) (in both places) and (7), for “Authority” substitute “ FCA ”.

39

In section 412B (procedure for approval and suspension or withdrawal of approval), in subsections (1) to (6), (7) (in both places), (8) and (9), for “Authority” substitute “ FCA ”.

SCHEDULE 9

PART 1 — Introductory

1

FSMA 2000 is amended as follows.

PART 2 — Authorised persons acting without permission

2

• (1) Section 20 (authorised persons acting without permission) is amended as follows.

• (2) In subsection (1)—

• (a) in the opening words, after “an authorised person” insert “ other than a PRA-authorised person ”,

• (b) for paragraph (a) substitute—

(a) given to that person under Part 4A, or

, and

• (c) in the words after paragraph (b), for “Authority” substitute “ FCA ”.

• (3) After that subsection insert—

(1A) If a PRA-authorised person carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with permission given to the person under Part 4A or resulting from any other provision of this Act, the person is to be taken to have contravened— (a) a requirement imposed by the FCA, and (b) a requirement imposed by the PRA.

• (4) For subsection (2) substitute—

(2) A contravention within subsection (1) or (1A)— (a) does not, except as provided by section 23(1A), make a person guilty of an offence, (b) does not, except as provided by section 26A, make any transaction void or unenforceable, and (c) does not, except as provided by subsection (3), give rise to any right of action for breach of statutory duty.

• (5) In subsection (3), for “the contravention”, in the first place, substitute “ a contravention within subsection (1) or (1A) ”.

• (6) After subsection (3) insert—

(4) Subsections (1) and (1A) are subject to section 39(1D). (5) References in this Act to an authorised person acting in contravention of this section are references to the person acting in a way that results in a contravention within subsection (1) or (1A).

3

• (1) Section 23 (contravention of the general prohibition) is amended as follows.

• (2) After subsection (1) insert—

(1A) An authorised person (“A”) is guilty of an offence if A carries on a credit-related regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with permission— (a) given to that person under Part 4A, or (b) resulting from any other provision of this Act. (1B) In this Act “credit-related regulated activity” means a regulated activity of a kind designated by the Treasury by order. (1C) The Treasury may designate a regulated activity under subsection (1B) only if the activity involves a person— (a) entering into or administering an agreement under which the person provides another person with credit, (b) exercising or being able to exercise the rights of the lender under an agreement under which another person provides a third party with credit, or (c) taking steps to procure payment of debts due under an agreement under which another person is provided with credit. (1D) But a regulated activity may not be designated under subsection (1B) if the agreement in question is one under which the obligation of the borrower is secured on land. (1E) “Credit” includes any cash loan or other financial accommodation. (1F) A person guilty of an offence under subsection (1A) is liable— (a) on summary conviction, to imprisonment for a term not exceeding the applicable maximum term or a fine not exceeding the statutory maximum, or both; (b) on conviction on indictment, to imprisonment for a term not exceeding two years, or a fine, or both. (1G) The “applicable maximum term” is— (a) in England and Wales, 12 months (or 6 months, if the offence was committed before the commencement of section 154(1) of the Criminal Justice Act 2003); (b) in Scotland, 12 months; (c) in Northern Ireland, 6 months.

• (3) After subsection (3) insert—

(4) Subsection (1A) is subject to section 39(1D). (5) No proceedings may be brought against a person in respect of an offence under subsection (1A) in a case where either regulator has taken action under section 205, 206 or 206A in relation to the alleged contravention within section 20(1) or (1A).

• (4) In the heading to the section, at the end insert “ or section 20(1) or (1A) ”.

4

After section 23 insert—

(23A) (1) This section applies to the first order made under section 23(1B). (2) This section also applies to any subsequent order made under section 23(1B) which contains a statement by the Treasury that, in their opinion, the effect (or one of the effects) of the proposed order would be that an activity would become a credit-related regulated activity. (3) An order to which this section applies may not be made unless a draft of the order has been laid before Parliament and approved by a resolution of each House.

5

After section 26 insert—

(26A) (1) An agreement that is made by an authorised person in contravention of section 20 is unenforceable against the other party if the agreement is entered into in the course of carrying on a credit-related regulated activity involving matters falling within section 23(1C)(a). (2) The other party is entitled to recover— (a) any money or other property paid or transferred by that party under the agreement, and (b) compensation for any loss sustained by that party as a result of having parted with it. (3) In subsections (1) and (2) “agreement” means an agreement— (a) which is made after this section comes into force, and (b) the making or performance of which constitutes, or is part of, the credit-related regulated activity. (4) If the administration of an agreement involves the carrying on of a credit-related regulated activity, the agreement may not be enforced by a person for the time being exercising the rights of the lender under the agreement unless that person has permission, given under Part 4A or resulting from any other provision of this Act, in relation to that activity. (5) If the taking of steps to procure payment of debts due under an agreement involves the carrying on of a credit-related regulated activity, the agreement may not be enforced by a person for the time being exercising the rights of the lender under the agreement unless the agreement is enforced in accordance with permission— (a) given under Part 4A to the person enforcing the agreement, or (b) resulting from any other provision of this Act.

6

In section 27 (agreements made through unauthorised persons) for subsection (1) substitute—

(1) This section applies to an agreement that— (a) is made by an authorised person (“the provider”) in the course of carrying on a regulated activity, (b) is not made in contravention of the general prohibition, (c) if it relates to a credit-related regulated activity, is not made in contravention of section 20, and (d) is made in consequence of something said or done by another person (“the third party”) in the course of— (i) a regulated activity carried on by the third party in contravention of the general prohibition, or (ii) a credit-related regulated activity carried on by the third party in contravention of section 20. (1A) The agreement is unenforceable against the other party.

7

In section 28 (agreements made unenforceable by section 26 or 27)—

• (a) at the end of subsection (1) insert “ , other than an agreement entered into in the course of carrying on a credit-related regulated activity ”, and

• (b) in the heading to the section, at the end insert “ : general cases ”.

8

After section 28 insert—

(28A) (1) This section applies to an agreement that— (a) is entered into in the course of carrying on a credit-related regulated activity, and (b) is unenforceable because of section 26, 26A or 27. (2) The amount of compensation recoverable as a result of that section is— (a) the amount agreed by the parties, or (b) on the application of either party, the amount specified in a written notice given by the FCA to the applicant. (3) If on application by the relevant firm the FCA is satisfied that it is just and equitable in the circumstances of the case, it may by written notice to the applicant allow— (a) the agreement to be enforced, or (b) money paid or property transferred under the agreement to be retained. (4) In considering whether to allow the agreement to be enforced or (as the case may be) the money or property paid or transferred under the agreement to be retained the FCA must— (a) if the case arises as a result of section 26 or 26A, have regard to the issue mentioned in subsection (5), or (b) if the case arises as a result of section 27, have regard to the issue mentioned in subsection (6). (5) The issue is whether the relevant firm reasonably believed that by making the agreement the relevant firm was neither contravening the general prohibition nor contravening section 20. (6) The issue is whether the provider knew that the third party was (in carrying on the credit-related regulated activity) either contravening the general prohibition or contravening section 20. (7) An application to the FCA under this section by the relevant firm may relate to specified agreements or to agreements of a specified description or made at a specified time. (8) “The relevant firm” means— (a) in a case falling within section 26, the person in breach of the general prohibition; (b) in a case falling within section 26A or 27, the authorised person concerned. (9) If the FCA thinks fit, it may when acting under subsection (2)(b) or (3)— (a) limit the determination in its notice to specified agreements, or agreements of a specified description or made at a specified time; (b) make the determination in its notice conditional on the doing of specified acts by the applicant. (28B) (1) A notice under section 28A(2)(b) or (3) must— (a) give the FCA's reasons for its determination, and (b) give an indication of— (i) the right to have the matter referred to the Tribunal that is conferred by subsection (3), and (ii) the procedure on such a reference. (2) The FCA must, so far as it is reasonably practicable to do so, give a copy of the notice to any other person who appears to it to be affected by the determination to which the notice relates. (3) A person who is aggrieved by the determination of an application under section 28A(2)(b) or (3) may refer the matter to the Tribunal.

PART 3 — Market abuse

9

• (1) In the provisions of Part 8 (market abuse) mentioned in sub-paragraph (2), for “Authority” or “Authority's”, in each place, substitute “ FCA ” or “FCA's”.

• (2) The provisions are: sections 119, 120 (including the heading), 121 to 130A and 131A.

• (3) In section 121 (codes: procedure), for subsection (10) substitute—

(10) Cost benefit analysis” means— (a) an analysis of the costs together with an analysis of the benefits that will arise— (i) if the proposed code is issued, or (ii) if subsection (5)(b) applies, from the code that has been issued, and (b) subject to subsection (10A), an estimate of those costs and of those benefits. (10A) If, in the opinion of the FCA— (a) the costs or benefits referred to in subsection (10) cannot reasonably be estimated, or (b) it is not reasonably practicable to produce an estimate, the cost benefit analysis need not estimate them, but must include a statement of the FCA's opinion and an explanation of it.

• (4) In section 130 (guidance), in subsection (1)(b), for “section 397 of this Act” substitute “ Part 7 of the Financial Services Act 2012 ”.

PART 4 — Disciplinary measures

10

In Part 14 (disciplinary measures), before section 205 insert—

(204A) (1) The following definitions apply for the purposes of this Part. (2) “Relevant requirement” means a requirement imposed— (a) by or under this Act, or (b) by a qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order. (3) The PRA is “the appropriate regulator” in the case of a contravention of— (a) a requirement that is imposed under any provision of this Act by the PRA; (b) a requirement under section 56(6) where the authorised person concerned is a PRA-authorised person and the prohibition order concerned is made by the PRA; (c) a requirement under section 59(1) or (2) where the authorised person concerned is a PRA-authorised person and the approval concerned falls to be given by the PRA. (4) In the case of a contravention of a requirement that is imposed by a qualifying EU provision, “the appropriate regulator” for the purpose of any provision of this Part is whichever of the PRA or the FCA (or both) is specified by the Treasury by order in relation to the qualifying EU provision for the purposes of that provision of this Part. (5) In the case of a contravention of a requirement where the contravention constitutes an offence, the “appropriate regulator” is whichever of the PRA or the FCA has power to prosecute the offence (see section 401). (6) The FCA is “the appropriate regulator” in the case of a contravention of any other requirement imposed by or under this Act. (7) The Treasury may by order amend the provisions defining “the appropriate regulator”.

11

In section 205 (public censure)—

• (a) for “Authority”, in the first place, substitute “ appropriate regulator ”, and

• (b) for the words from “a requirement” to “may” substitute “ a relevant requirement imposed on the person, it may ”.

12

• (1) Section 206 (financial penalties) is amended as follows.

• (2) In subsection (1)—

• (a) for “Authority” substitute “ appropriate regulator ”, and

• (b) for the words from “a requirement” to “auctioning regulation” substitute “ a relevant requirement imposed on the person, ”.

• (3) In subsection (3), for “Authority” substitute “ regulator that imposed the penalty ”.

13

• (1) Section 206A (suspending permission to carry on regulated activities etc.) is amended as follows.

• (2) In subsection (1), for “Authority” substitute “ appropriate regulator ”.

• (3) After that subsection insert—

(1A) The power conferred by subsection (1) is also exercisable by the FCA if it considers that an authorised person has contravened a requirement imposed on the person by— (a) the Payment Services Regulations 2009, or (b) the Electronic Money Regulations 2011.

• (4) In subsection (2)—

• (a) in the definition of “permission”, for “the Authority” substitute “ the FCA or the PRA ”, and

• (b) omit the definition of “relevant requirement”.

• (5) In subsection (6), for “Authority” substitute “ appropriate regulator ”.

14

In section 207(1) (proposal to take disciplinary measures), for “the Authority” substitute “ a regulator ”.

15

In section 208(1) and (4) (decision notice), for “the Authority”, in each place, substitute “ a regulator ”.

16

In section 209 (publication), for “the Authority” substitute “ the regulator concerned ”.

17

• (1) Section 210 (statements of policy) is amended as follows.

• (2) In subsection (1), for “The Authority” substitute “ Each regulator ”.

• (3) After subsection (1) insert—

(1A) Each regulator's policy with respect to the imposition of penalties, suspensions or restrictions under this Part must include policy with respect to their imposition in relation to conduct which constitutes or may constitute an offence by virtue of section 23(1A) (authorised persons carrying on credit-related regulated activities otherwise than in accordance with permission).

• (4) In subsection (2), for “The Authority's” substitute “A regulator's”.

• (5) In subsection (3)—

• (a) for “The Authority” substitute “ A regulator ”, and

• (b) after “issued” insert “ by it ”.

• (6) In subsection (4), for “replaced, the Authority” substitute “ replaced by a regulator, the regulator ”.

• (7) In subsection (5), for “The Authority” substitute “ A regulator ”.

• (8) In subsection (6)—

• (a) after “section” insert “ by a regulator ”, and

• (b) for “Authority”, in both places, substitute “ regulator ”.

• (9) In subsection (7)—

• (a) for “the Authority” substitute “ a regulator ”, and

• (b) after “published” insert “ by it ”.

• (10) In subsection (8), for “Authority” substitute “ regulator ”.

18

• (1) Section 211 (statements of policy: procedure) is amended as follows.

• (2) In subsection (1)—

• (a) for “issuing” substitute “ a regulator issues ”, and

• (b) for “Authority”, in both places, substitute “ regulator ”.

• (3) In subsections (2) to (4) and (5) (in both places), for “Authority” substitute “ regulator ”.

• (4) In subsection (6), for “The Authority” substitute “ A regulator ”.

PART 5 — Injunctions and restitution

19

• (1) Section 380 (injunctions) is amended as follows.

• (2) In subsections (1) to (3), for “Authority” substitute “ appropriate regulator ”.

• (3) In subsection (6)(a)—

• (a) in the opening words, for “Authority” substitute “ appropriate regulator ”,

• (b) for sub-paragraph (i) (but not the “or” following it) substitute—

(i) which is imposed by or under this Act or by a qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order

, and

• (c) in sub-paragraph (ii), for the words from “which the Authority” to the end substitute “ mentioned in section 402(1) ”.

• (4) In subsection (7), omit paragraph (a) (and the “and” at the end of it).

• (5) After subsection (7) insert—

(8) The PRA is the “appropriate regulator” in the case of a contravention of— (a) a requirement that is imposed by the PRA under any provision of this Act, (b) a requirement under section 56(6) where the authorised person concerned is a PRA-authorised person and the prohibition order concerned is made by the PRA, or (c) a requirement under section 59(1) or (2) where the authorised person concerned is a PRA-authorised person and the approval concerned falls to be given by the PRA. (9) In the case of a contravention of a requirement that is imposed by a qualifying EU provision, “the appropriate regulator” is whichever of the PRA or the FCA (or both) is specified by the Treasury by order in relation to the qualifying EU provision for the purposes of this section. (10) In the case of a contravention of a requirement where the contravention constitutes an offence under this Act, the “appropriate regulator” is whichever of the PRA or the FCA has power to prosecute the offence (see section 401). (11) The FCA is the “appropriate regulator” in the case of a contravention of any other requirement. (12) The Treasury may by order amend the definition of “appropriate regulator”.

20

• (1) Section 381 (injunctions in case of market abuse) is amended as follows.

• (2) In subsections (1) to (3), for “Authority” substitute “ FCA ”.

• (3) In subsection (4), after “The court” insert “ may ”.

21

• (1) Section 382 (restitution orders) is amended as follows.

• (2) In subsection (1), for “Authority” substitute “ appropriate regulator ”.

• (3) In subsections (2) and (3), for “Authority” substitute “ regulator concerned ”.

• (4) In subsection (7), for “Authority” substitute “ appropriate regulator ”.

• (5) In subsection (9)(a)—

• (a) in the opening words, for “Authority” substitute “ appropriate regulator ”,

• (b) for sub-paragraph (i) (but not the “or” following it) substitute—

(i) which is imposed by or under this Act or by a qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order

, and

• (c) in sub-paragraph (ii), for the words from “which the Authority” to the end substitute “ mentioned in section 402(1) ”.

• (6) In subsection (10), omit paragraph (a) (and the “and” at the end of it).

• (7) After subsection (10) insert—

(11) The PRA is the “appropriate regulator” in the case of a contravention of— (a) a requirement that is imposed by the PRA under any provision of this Act, (b) a requirement under section 56(6) where the authorised person concerned is a PRA-authorised person and the prohibition order concerned is made by the PRA, or (c) a requirement under section 59(1) or (2) where the authorised person concerned is a PRA-authorised person and the approval concerned falls to be given by the PRA. (12) In the case of a contravention of a requirement that is imposed by a qualifying EU provision, “the appropriate regulator” is whichever of the PRA or the FCA (or both) is specified by the Treasury by order in relation to the qualifying EU provision for the purposes of this section. (13) In the case of a contravention of a requirement where the contravention constitutes an offence under this Act, the “appropriate regulator” is the regulator which has power to prosecute the offence (see section 401). (14) The FCA is the “appropriate regulator” in the case of a contravention of any other requirement. (15) The Treasury may by order amend the definition of “appropriate regulator”.

22

In section 383(1), (4), (5) and (9) (restitution orders in case of market abuse), for “ Authority” substitute “ FCA ”.

23

• (1) Section 384 (power of Authority to require restitution) is amended as follows.

• (2) In subsection (1)—

• (a) for “The Authority” substitute “ The appropriate regulator ”, and

• (b) after “authorised person” insert “ or recognised investment exchange ”.

• (3) In subsections (2) and (4), for “Authority” substitute “ FCA ”.

• (4) In subsection (5)—

• (a) for “Authority”, in the first place, substitute “ regulator exercising the power (“the regulator concerned”) ”, and

• (b) for “Authority”, in each of the other places, substitute “ regulator concerned ”.

• (5) In subsection (6), for “Authority” substitute “ regulator concerned ”.

• (6) In subsection (7)—

• (a) in paragraph (a), for the words from “any directly applicable” to “auctioning regulation” substitute “ a qualifying EU provision specified, or of a description specified, for the purposes of this subsection by the Treasury by order ”, and

• (b) in paragraph (b), for the words from “in relation to which” to the end substitute “ mentioned in section 402(1) ”.

• (7) Omit subsection (8).

• (8) After subsection (8) insert—

(9) The PRA is the “appropriate regulator” in the case of a contravention of— (a) a requirement that is imposed by the PRA under any provision of this Act, (b) a requirement under section 56(6) where the authorised person concerned is a PRA-authorised person and the prohibition order concerned is made by the PRA, or (c) a requirement under section 59(1) or (2) where the authorised person concerned is a PRA-authorised person and the approval concerned falls to be given by the PRA. (10) In the case of a contravention of a requirement that is imposed by a qualifying EU provision, “the appropriate regulator” is whichever of the PRA or the FCA (or both) is specified by the Treasury by order in relation to the qualifying EU provision for the purposes of this section. (11) In the case of a contravention of a requirement where the contravention constitutes an offence under this Act, the “appropriate regulator” is the regulator which has power to prosecute the offence (see section 401). (12) The FCA is the “appropriate regulator” in the case of a contravention of any other requirement. (13) The Treasury may by order amend the definition of “appropriate regulator”.

• (9) In the heading, for “Authority” substitute “ FCA or PRA ”.

• (10) In the italic heading before section 384, for “Authority” substitute “ FCA or PRA ”.

24

• (1) Section 385 (warning notices) is amended as follows.

• (2) In subsection (1), for “the Authority” substitute “ a regulator ”.

• (3) In subsection (2), for “the Authority” substitute “ the regulator ”.

25

In section 386(1) and (3) (decision notices), for “Authority” substitute “ regulator ”.

PART 6 — Notice procedures

26

• (1) Section 387 (warning notices) is amended as follows.

• (2) In subsection (1)(a), for “Authority” substitute “ regulator giving the notice (“the regulator concerned”) ”.

• (3) After subsection (1) insert—

(1A) Where the PRA is the regulator concerned and the FCA proposes to refuse consent for the purposes of section 55F, 55I or 59 or to give conditional consent as mentioned in section 55F(5) or 55I(8), the warning notice given by the PRA must— (a) state that fact, and (b) give the reasons for the FCA's proposal.

• (4) In subsection (2)—

• (a) for “The warning” substitute “ A warning ”,

• (b) for “28 days” substitute “ 14 days ”, and

• (c) for “Authority” substitute “ regulator concerned ”.

• (5) In subsection (3), for “The Authority” substitute “ The regulator concerned ”.

• (6) After subsection (3) insert—

(3A) Where the PRA receives any representations in response to a warning notice given by it under section 55X(1) or (2) or 62(2) in a case falling within subsection (1A) it must— (a) if the representations are in writing, give a copy to the FCA, or (b) if they are not in writing and have not been given directly to the FCA by the person making them, provide the FCA with a record of them.