The FCA must consult the PRA before taking a qualifying step in relation to a person who—
is a PRA-authorised person, or
has a qualifying relationship with a PRA-authorised person.
The PRA must consult the FCA before taking a qualifying step.
In this section any reference to the taking of a qualifying step is a reference to—
the giving of a warning notice or decision notice under section 63B (performance of controlled functions without approval),
the giving of a warning notice or decision notice under section 67 (disciplinary powers in relation to approved person),
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
the giving of a warning notice or decision notice under section 131H (short selling),
the giving of a warning notice under section 207 or a decision notice under section 208 (breaches of requirements imposed by or under Act etc.),
the giving of a warning notice under section 312G or a decision notice under section 312H (recognised bodies),
the making of an application to the court under section 380, 381, 382 or 383 (injunctions or restitution), or
the giving of a warning notice under section 385 or a decision notice under section 386 (power of FCA or PRA to require restitution).
A person has a qualifying relationship with a PRA-authorised person ("A") for the purposes of this section if—
the person is a member of A's immediate group, or
in the case of a qualifying step within subsection (3)(a) or (b), the person performs a relevant senior management function under an arrangement entered into by A, or by a contractor of A, in relation to the carrying on by A of a regulated activity.
...
In subsection (4)—
"arrangement" has the same meaning as in section 59;
"relevant senior management function" means a function which the FCA is satisfied is a senior management function as defined in section 59ZA (whether or not it is a designated senior management function as defined by section 59ZB).