Schedule 1ZA, Part 3, paragraph 23(3)

In sub-paragraph (1)(b)— “relevant borrowing” means any money borrowed by the FCA which has been used for the purpose of meeting expenses incurred in relation to its assumption of functions under this Act, and “relevant commencement expenses” means expenses incurred by the FCA— in preparation for the exercise of functions by the FCA under this Act, or for the purpose of facilitating the exercise by the FCA of those functions or otherwise in connection with their exercise by it.

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Source: legislation.gov.uk · retrieved 2026-09-04