Textual Amendments
F1Pt. 1A substituted for Pt. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 6(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.
(1)For the purposes of this Chapter, the PRA's general functions are—
(a)its function of making rules under this Act (considered as a whole),
(b)its function of preparing and issuing codes under this Act (considered as a whole), and
(c)its function of determining the general policy and principles by reference to which it performs particular functions under this Act.
(2)Except to the extent that an order under section 50 of the Financial Services Act 2012 (orders relating to mutual societies functions) so provides, the PRA's general functions do not include functions that are transferred functions within the meaning of section 52 of that Act.
(3)For the purposes of this Chapter, the cases in which a PRA-authorised person (“P”) is to be regarded as failing include those where—
(a)P enters insolvency,
(b)any of the stabilisation options in Part 1 of the Banking Act 2009 is achieved in relation to P, or
(c)P falls to be taken for the purposes of the compensation scheme to be unable, or likely to be unable, to satisfy claims against P.
(4)In subsection (3)(a) “insolvency” includes—
(a)bankruptcy,
(b)liquidation,
(c)bank insolvency,
(d)administration,
(e)bank administration,
(f)receivership,
(g)a composition between P and P's creditors, and
(h)a scheme of arrangement of P's affairs.]