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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

Changes over time for: Cross Heading: Functions of the FCA and the PRA

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Point in time view as at 02/01/2018.

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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, Cross Heading: Functions of the FCA and the PRA is up to date with all changes known to be in force on or before 29 September 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

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Functions of the FCA and the PRAU.K.

Functions of the FCAU.K.

3.—(1) The FCA has the functions conferred on it by these Regulations.

(2) In determining the general policy and principles by reference to which it performs particular functions under these Regulations, and in giving general guidance under these Regulations, the FCA must, so far as is reasonably possible, act in a way which—

(a)is compatible with its strategic objective as defined in section 1B(2) of the Act M1 (the FCA's general duties); and

(b)advances one or more of its operational objectives as defined in section 1B(3) of the Act.

Marginal Citations

M1Sections 1B and 1F were inserted by section 6 of the Financial Services Act 2012.

Functions of the PRAU.K.

4.—(1) The PRA has the functions conferred on it by these Regulations.

(2) In determining the general policy and principles by reference to which it performs particular functions under these Regulations, the PRA must, so far as is reasonably possible, act in a way which is compatible with its general objective as defined in section 2B(2) of the Act M2 (the PRA's general duties).

(3) Section 2H(1) of the Act M3 (secondary competition objective) applies to the exercise by the PRA of its functions under these Regulations.

Marginal Citations

M2Section 2B was inserted by section 6 of the Financial Services Act 2012 and amended by section 1 of the Financial Services (Banking Reform) Act 2013 (c.33).

M3Section 2H was substituted by section 130 of the Financial Services (Banking Reform) Act 2013.

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