Sch 4 para 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.