After section 1I of FSMA 2000 insert -

"Modifications applying if core activity not regulated by PRA

1IA. Modifications applying if core activity not regulated by PRA

(1) If and so long as any regulated activity is a core activity (see section 142B) without also being a PRA-regulated activity (see section 22A), the provisions of this Chapter are to have effect subject to the following modifications.

(2) Section 1B is to have effect as if -

(a) in subsection (3), after paragraph (c) there were inserted -

"(d) in relation to the matters mentioned in section 1EA(2), the continuity objective (see section 1EA).", and

(b) in subsection (4), for "or the integrity objective," there were substituted ", the integrity objective or (in relation to the matters mentioned in section 1EA(2)) the continuity objective,".

(3) After section 1E there is to be taken to be inserted -

"1EA. Continuity objective

(1) In relation to the matters mentioned in subsection (2), the continuity objective is: protecting the continuity of the provision in the United Kingdom of core services (see section 142C).

(2) Those matters are -

(a) Part 9B (ring-fencing);