The PRA has the functions conferred on it by these Regulations.

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 M1 (the PRA's general duties).

Section 2H(1) of the Act M2 (secondary competition objective) applies to the exercise by the PRA of its functions under these Regulations.