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Schedule 4 to FSMA 2000 (Treaty rights) is amended as follows.
Financial Services Act 2012 PART 2 — Amendments of Schedule 4 to FSMA 2000: Treaty rights
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— Notification between UK regulators (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 ” .
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