Section 314 Regulators' general duty.F4

United Kingdom

F1(1)

So far as it is appropriate to do so for the purpose of advancing one or more of its operational objectives, the FCA must keep itself informed about—

(a)

the way in which the Council supervises and regulates the market at Lloyd's, and

(b)

the way in which regulated activities are being carried on in that market.

(1A)

So far as it is appropriate to do so for the purpose of advancing its general objective or (if section 2C applies) its insurance objective, the PRA must keep itself informed about—

(a)

the way in which the Council supervises and regulates the market at Lloyd's, and

(b)

the way in which any PRA-regulated activities are being carried on in that market.

(2)

F2Each regulator must keep under review the desirability of exercising—

(a)

any of its powers under this Part;

(b)

any powers which it has in relation to the Society as a result of F3provision made by or under this Act.

Annotations

Textual amendments

F1: S. 314(1)(1A) substituted for s. 314(1) (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(2)(a), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2: Words in s. 314(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(2)(b)(i), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3: Words in s. 314(2)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(2)(b)(ii), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4: Word in s. 314 heading substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 40(2)(c), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.