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[F1PART 1AE+W+S+N.I.The Regulators


Amendments (Textual)

F1Pt. 1A substituted for ss. 1-18 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes) 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

CHAPTER 2E+W+S+N.I.The Prudential Regulation Authority

The PRA's general dutiesE+W+S+N.I.

2DPower to provide for additional objectivesE+W+S+N.I.

(1)Subsection (2) applies to an order under section 22A which—

(a)is made at any time after the coming into force of the first order under that section, and

(b)contains a statement by the Treasury that, in their opinion, the effect (or one of the effects) of the proposed order is that an activity would become a PRA-regulated activity.

(2)An order to which this subsection applies may specify an additional objective (“the specified objective”) in relation to specified activities that become PRA-regulated activities by virtue of the order (“the additional activities”).

(3)In discharging its general functions so far as relating to the additional activities or PRA-authorised persons carrying on those activities, the PRA must, so far as is reasonably possible, act in a way—

(a)which is compatible with its general objective and the specified objective, and

(b)which the PRA considers most appropriate for the purpose of advancing those objectives.]