46
Part 3 of the Banking Act 2009 is amended as follows.
Financial Services Act 2012 PART 3 — Amendments of Part 3 to the Act
47
In section 147 (administrator's proposals), in subsection (6), for “FSA” substitute “ PRA and a copy of it to the FCA ” .
48
In section 153 (successful rescue), in subsection (3), for “FSA” substitute “ PRA and the FCA ” .
49
In section 157 (other processes), in subsection (1), for “Before exercising an insolvency power in respect of a residual bank the FSA” substitute “ Before the PRA or the FCA exercises an insolvency power in respect of a residual bank, whichever of them is exercising the power ” .
50
After section 157 insert— Banks not regulated by PRA (157A) (1) In the application of this Part to an FCA-regulated bank the modifications specified in the Table apply. (2) In this section “ FCA-regulated bank ” means a bank which does not carry on any activity which is a PRA-regulated activity for the purposes of the Financial Services and Markets Act 2000. TABLE OF MODIFICATIONS
51
In section 166 (interpretation: general), for subsection (2) substitute— (2) In this Part— “ the FCA ” means the Financial Conduct Authority, and “ the PRA ” means the Prudential Regulation Authority.
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