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Financial Services and Markets Act 2000
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Financial Services and Markets Act 2000, Section 142J is up to date with all changes known to be in force on or before 14 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.
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[F1142JReview of ring-fencing rules etcU.K.
This section has no associated Explanatory Notes
(1)The PRA must carry out reviews of its ring-fencing rules and of any rules made by it under section 192JA (rules applying to parent undertakings of ring-fenced bodies).
(2)The first review must be completed before the end of the period of 5 years beginning with the day on which the first ring-fencing rules come into force.
(3)Subsequent reviews must be completed before the end of the period of 5 years beginning with the day on which the previous review was completed.
(4)The PRA must give the Treasury a report of each review.
(5)The Treasury must lay a copy of the report before Parliament.
(6)The PRA must publish the report in such manner as it thinks fit.
(7)If (because any ring-fenced body is not a PRA-authorised person) section 142H has the effect of requiring the FCA to make ring-fencing rules, subsections (1) to (6) apply to the FCA as they apply to the PRA.]
Textual Amendments
F1Pt. 9B inserted (1.3.2014 for the insertion of ss. 142A-142F, 142I, 142W-142Z1 for specified purposes) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(1), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
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