Paragraph 4 Functions of the PRA
The PRA has the functions conferred on it by these Regulations.
In determining the general policy and principles by reference to which it performs particular functions under these Regulations, the PRA must, so far as is reasonably possible, act in a way which is compatible with its general objective as defined in section 2B(2) of the Act M1 (the PRA's general duties).
Section 2H(1) of the Act M2 (secondary competition objective) applies to the exercise by the PRA of its functions under these Regulations.
Annotations
Marginal citations
- M1
Section 2B was inserted by section 6 of the Financial Services Act 2012 and amended by section 1 of the Financial Services (Banking Reform) Act 2013 (c.33).
- M2
Section 2H was substituted by section 130 of the Financial Services (Banking Reform) Act 2013.
Notes on the whole SI
Textual amendments
- F1
Regulations revoked (14.12.2023 for the revocation of reg. 51) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xviii)