S. 130 in force at 1.3.2014 by S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

http://www.legislation.gov.uk/ukpga/2013/33/section/130/2019-07-18Financial Services (Banking Reform) Act 2013An Act to make further provision about banking and other financial services, including provision about the Financial Services Compensation Scheme; to make provision for the amounts owed in respect of certain deposits to be treated as a preferential debt on insolvency; to make further provision about payment systems and securities settlement systems; to make provision about the accounts of the Bank of England and its wholly owned subsidiaries; to make provision in relation to persons providing claims management services; and for connected purposes.texttext/xmlenStatute Law Database2024-09-06Expert Participation2019-07-18PART 7MiscellaneousCompetition
130Competition as a secondary objective of the PRA1

For section 2H of FSMA 2000 substitute—

2HSecondary competition objective and duty to have regard to regulatory principles1

When discharging its general functions in a way that advances its objectives (see section 2F), the PRA must so far as is reasonably possible act in a way which, as a secondary objective, facilitates effective competition in the markets for services provided by PRA-authorised persons in carrying on regulated activities.

2

In discharging its general functions, the PRA must also have regard to the regulatory principles in section 3B.

2

In section 3B (regulatory principles to be applied by both regulators), in subsection (1), for “2H(1)(a)” substitute “ 2H(2) ”.

3

In Schedule 1ZB to FSMA 2000 (the Prudential Regulation Authority)—

a

in paragraph 19 (annual report), in sub-paragraph (1)—

i

after paragraph (b) insert—

ba

how it has complied with section 2H(1),

, and

ii

in paragraph (c), omit the words from “and of” onwards, and

b

in paragraph 20 (consultation about annual report), in sub-paragraph (1)(c), for the words from “and the PRA” onwards substitute “ and the PRA has facilitated effective competition in accordance with section 2H and has considered the regulatory principles in section 3B ”.

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<ref href="http://www.legislation.gov.uk/id/ukpga/2013/33/section/130">S. 130</ref>
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<ref href="http://www.legislation.gov.uk/id/uksi/2014/377">S.I. 2014/377</ref>
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<strong>PART 7</strong>
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<em>Competition</em>
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130
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<p>For section 2H of FSMA 2000 substitute—</p>
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<p>When discharging its general functions in a way that advances its objectives (see section 2F), the PRA must so far as is reasonably possible act in a way which, as a secondary objective, facilitates effective competition in the markets for services provided by PRA-authorised persons in carrying on regulated activities.</p>
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In section 3B (regulatory principles to be applied by both regulators), in subsection (1), for “2H(1)(a)” substitute
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.
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<num>b</num>
<content>
<p>
in paragraph 20 (consultation about annual report), in sub-paragraph (1)(c), for the words from “and the PRA” onwards substitute
<mod>
<quotedText>“ and the PRA has facilitated effective competition in accordance with section 2H and has considered the regulatory principles in section 3B ”</quotedText>
</mod>
.
</p>
</content>
</paragraph>
</subsection>
</section>
</hcontainer>
</part>
</portionBody>
</portion>
</akomaNtoso>