PART 9B

Ring-fencing

Ring-fencing rules

Review of ring-fencing rules etc
142J
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.
Pt. 9B inserted (1.3.2014 for the insertion of ss. 142A-142F, 142I, 142W-142Z1 for specified purposes, 21.4.2016 for the insertion of s. 142H, 1.1.2019 in so far as not already in force) 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; S.I. 2016/512, art. 2(a); S.I. 2018/1306, art. 2(d)
Pt. 9B power to apply (with modifications) conferred (1.1.2019) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 7(2)(b), 148(5); S.I. 2018/1306, art. 2(f)