Income Tax Act 2007

6 In section 991 of the Income Tax Act 2007 (meaning of “bank”), in
subsections (2)(b) and (3), for “Part 4” substitute “Part 4A”.

Banking Act 2009

7 5In section 89B of the Banking Act 2009 (application to recognised central
counterparties), in the Table in subsection (6), in the entry relating to section
81B, in the second column, after the modification of subsection (1) of that
section insert—

8 In section 191 of the Banking Act 2009 (directions), in subsection (1), after
“inter-bank” insert “payment”.

Financial Services Act 2012

9 In section 73 of the Financial Services Act 2012 (duty of FCA to investigate
15and report on possible regulatory failure), in subsection (1)(b)(i)—

(a) for “their activities,” substitute “of the carrying on of regulated
activities,”, and

(b) for “or for the regulation of collective investment schemes”
substitute “, for the regulation of collective investment schemes or
20for the regulation of recognised investment exchanges,”.

10 (1) Section 85 of the Financial Services Act 2012 (relevant functions in relation
to complaints scheme) is amended as follows.

(2) For subsection (2) substitute—

“(2) The relevant functions of the FCA or the PRA are—

(a) 25its functions conferred by or under FSMA 2000, other than its
legislative functions, and

(b) such other functions as the Treasury may by order provide.”

(3) For subsection (3) substitute—

“(3) The relevant functions of the Bank of England are—

(a) 30its functions under Part 18 of FSMA 2000 (recognised clearing
houses) or under Part 5 of the Banking Act 2009 (inter-bank
payment systems), other than its legislative functions, and

(b) such other functions as the Treasury may by order provide.”

(4) In subsections (4) and (5), for “subsection (2)” substitute “subsection (2)(a)”.

(5) 35In subsections (6) and (7), for “subsection (3)” substitute “subsection (3)(a)”.

(6) After subsection (7) insert—

“(8) For the purposes of subsection (2), sections 1A(6) and 2A(6) of FSMA
2000 do not apply.”