Sch 4 para 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;