Section 120A(1)

Section 120 shall apply to relevant firms as it applies to banks, except that for this purpose— subsections (5) and (10) of that section have effect as if any reference to the PRA were a reference to the appropriate regulator, and subsection (7) has effect as if for paragraph (b) there were substituted— the Bank of England has informed the person who gave the notice that it does not intend to exercise a stabilisation power under Part 1 in relation to the firm (and Condition 5 has been met, if applicable).

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