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competent authority

      1. (1) (in relation to 331 the functions referred to in Part VI of the Act31):
        1. (a) the authority designated under Schedule 8 to the Act (Transfer of functions under Part VI (Official listing)) as responsible for 31performing those functions under the Act; for the time being, the FSA in its capacity as such; or 31
        1. (b) an authority exercising functions corresponding to those functions under the laws of31 another EEA State.
      1. (2) (in relation to the exercise of an EEA right) a competent authority for the purposes of the relevant Single Market Directive.
      1. (3) (for the purposes of PRU 8.1 (Group risk systems and controls requirement), PRU 8.4 (Cross sector groups), PRU 8.5 (Third country groups), PRU 8 Ann 1R G (Capital adequacy calculations for financial conglomerates) and PRU 8 Ann 2R (Prudential rules for third country groups)) any national authority of an EEA State which is empowered by law or regulation to supervise regulated entities, whether on an individual or group-wide basis.22