PART 1A

The Regulators
CHAPTER 3

Further provisions relating to FCA and PRA

Rules

Report on certain reviews
3RD
1
This section applies where the Treasury have given a direction to a regulator under section 3RC(1) to carry out a review.
2
The regulator must make a written report to the Treasury as to the opinion of the regulator in relation to the following matters—
a
if the regulator is the FCA, whether the rules under review—
i
are compatible with the FCA’s strategic objective,
ii
advance one or more of the FCA’s operational objectives, and
iii
advance the competitiveness and growth objective;
b
if the regulator is the PRA, whether the rules under review—
i
advance one or more of the PRA’s objectives, and
ii
advance the PRA’s competition objective and the PRA’s competitiveness and growth objective;
c
whether and to what extent the rules are functioning effectively and achieving their intended purpose;
d
whether any amendments should be made to the rules and, if so, what those amendments should be;
e
whether any rules should be revoked (with or without replacement);
f
whether any other action should be taken and, if so, what that action should be.
3
As soon as practicable after receiving the report the Treasury must—
a
lay before Parliament a copy of the report, and
b
publish the report in such manner as the Treasury think fit.
4
When complying with subsection (3) the Treasury may withhold material from the report if the Treasury consider that publication of the material would be against the public interest.
Pt. 1A substituted for Pt. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) 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; S.I. 2013/423, art. 3, Sch.
Ss. 3RA-3RD and cross-heading inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 29(2), 86(3); S.I. 2023/779, reg. 4(t)