Clause 66

in subsections (1) and (5), replace “territory” with “jurisdiction”;

after subsection (1), insert —“(1A) A foreign regulatory authority may, with the prior written approval of the Authority, appoint any person to conduct the inspection under subsection (1) and in such event, this section (other than this subsection) applies to the person as if a reference to the foreign regulatory authority or any official of the foreign regulatory authority in this section includes a reference to the person.”;

in subsection (2), after “subsection (1)”, insert “or (1A)”; and

after subsection (4A), insert —“(4B) Where —

the relevant person is a person exempted under section 99(1)(a) or (b); and

the foreign regulatory authority has already obtained the approval of the Authority under section 45 of the Banking Act 1970 or section 83 of the Financial Advisers Act 2001 to conduct an inspection under that provision of the relevant person, then the foreign regulatory authority is treated as having obtained the Authority’s written approval under subsection (1).”.