PART 7Miscellaneous

Competition

I1130Competition as a secondary objective of the PRA

1

For section 2H of FSMA 2000 substitute—

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

1

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),

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 ”.