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Financial Services (Banking Reform) Act 2013

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No versions valid at: 01/03/2014

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Point in time view as at 01/03/2014. This version of this provision is not valid for this point in time. Help about Status

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Financial Services (Banking Reform) Act 2013, Section 5 is up to date with all changes known to be in force on or before 05 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Valid from 01/01/2019

5PRA annual reportU.K.

This section has no associated Explanatory Notes

(1)In Schedule 1ZB to FSMA 2000 (the Prudential Regulation Authority), paragraph 19 (annual report) is amended as follows.

(2)After sub-paragraph (1) insert—

(1A)In the report the PRA must also report in general terms on—

(a)the extent to which, in its opinion, ring-fenced bodies have complied with the ring-fencing provisions,

(b)steps taken by ring-fenced bodies in order to comply with the ring-fencing provisions,

(c)steps taken by it to enforce the ring-fencing provisions,

(d)the extent to which ring-fenced bodies are carrying on the regulated activity of dealing in investments as principal (whether in the United Kingdom or elsewhere) in circumstances where as a result of an order under section 142D(2) that activity is not an excluded activity,

(e)the extent to which ring-fenced bodies are carrying on activities that would be excluded activities by virtue of an order under section 142D(4) but for an exemption or exclusion made by such an order,

(f)the extent to which ring-fenced bodies are doing things that they would be prohibited from doing by an order under section 142E but for an exemption made by such an order, and

(g)the extent to which ring-fenced bodies appear to it to have acted in accordance with any guidance which it has given to ring-fenced bodies and which relates to the operation of the ring-fencing provisions.

(1B)In sub-paragraph (1A)—

(a)references to “ring-fenced bodies” relate only to ring-fenced bodies that are PRA-authorised persons, and

(b)the ring-fencing provisions” means ring-fencing rules and the duty imposed as a result of section 142G.

(3)In sub-paragraph (2), for “Sub-paragraph (1) does not” substitute “ Sub-paragraphs (1) and (1A) do not ”.

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