Part II Regulated And Prohibited Activities
Regulated activities
C1C2C13C5C4C14C8C7C15C6C12C10C3C9C1122F2Regulated activities
1
An activity is a regulated activity for the purposes of this Act if it is an activity of a specified kind which is carried on by way of business and—
a
relates to an investment of a specified kind; or
b
in the case of an activity of a kind which is also specified for the purposes of this paragraph, is carried on in relation to property of any kind.
F31A
An activity is also a regulated activity for the purposes of this Act if it is an activity of a specified kind which is carried on by way of business and relates to—
a
information about a person's financial standing, or
b
the setting of a specified benchmark.
2
Schedule 2 makes provision supplementing this section.
3
Nothing in Schedule 2 limits the powers conferred by subsection (1) F5or (1A).
4
“Investment” includes any asset, right or interest.
5
“Specified” means specified in an order made by the Treasury.
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“Benchmark” means an index, rate or price that—
a
is determined from time to time by reference to the state of the market,
b
is made available to the public (whether free of charge or on payment), and
c
is used for reference for purposes that include one or more of the following—
i
determining the interest payable, or other sums due, under loan agreements or under other contracts relating to investments;
ii
determining the price at which investments may be bought or sold or the value of investments;
iii
measuring the performance of investments.
22AF1Designation of activities requiring prudential regulation by PRA
1
The Treasury may by order specify the regulated activities that are “PRA-regulated activities” for the purposes of this Act.
2
An order under subsection (1) may—
a
provide for exceptions;
b
confer powers on the Treasury or either regulator;
c
authorise the making of rules or other instruments by either regulator for purposes of, or connected with, any relevant provision;
d
make provision in respect of any information or document which in the opinion of the Treasury or either regulator is relevant for purposes of, or connected with, any relevant provision;
e
make such consequential, transitional, or supplemental provision as the Treasury consider appropriate for purposes of, or connected with, any relevant provision.
3
Provision made as a result of subsection (2)(e) may amend any primary or subordinate legislation, including any provision of, or made under, this Act.
4
“Relevant provision” means this section or any provision made under this section.
22BParliamentary control in relation to certain orders under section 22A
1
This section applies to the first order made under section 22A(1).
2
This section also applies to any subsequent order made under section 22A(1) which—
a
contains a statement by the Treasury that, in their opinion, the effect (or one of the effects) of the proposed order would be—
i
that an activity would become a PRA-regulated activity, or
ii
that a PRA-regulated activity would become a regulated activity that is not a PRA-regulated activity, or
b
amends primary legislation.
3
No order to which this section applies may be made unless—
a
a draft of the order has been laid before Parliament and approved by a resolution of each House, or
b
subsection (5) applies.
4
Subsection (5) applies if an order to which this section applies contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without a draft being so laid and approved.
5
Where this subsection applies the order—
a
must be laid before Parliament after being made, and
b
ceases to have effect at the end of the relevant period unless before the end of that period the order is approved by a resolution of each House of Parliament (but without that affecting anything done under the order or the power to make a new order).
6
The “relevant period” is a period of 28 days beginning with the day on which the order is made.
7
In calculating the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than 4 days.