(1) Section 120 shall apply to relevant firms as it applies to banks, except that for this purpose -

(a) subsections (5) and (10) of that section have effect as if any reference to the PRA were a reference to the appropriate regulator, and

(b) subsection (7) has effect as if for paragraph (b) there were substituted -

"(b) 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)."

(2) In this section -

(a) "relevant firm" means -

(i) a financial holding company, investment firm, mixed financial holding company or a mixed activity holding company, or

(ii) a financial institution which is a subsidiary undertaking of a bank or an entity within paragraph (a)(i);