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Financial Services (Banking Reform) Act 2013

Financial Services (Banking Reform) Act 2013

2013 CHAPTER 33

Commentary

Part 1 – Ring-Fencing

Ring-fencing

Section 5: PRA annual report

73.Section 5 amends Schedule 1ZB (the Prudential Regulatory Authority) of FSMA to require the PRA to make an annual report on the way in which ring-fenced bodies comply with the ring-fencing provisions (defined to cover not only the obligation imposed on ring-fenced bodies under section 142G of FSMA, as inserted by the Act, but also any ring-fencing rules made by the regulator). The PRA must also report on the extent to which ring-fenced bodies are dealing in investments as principal, or doing anything which would otherwise be prohibited for ring-fenced bodies in reliance on exceptions or exemptions set out in secondary legislation made under sections 142D and 142E, or to which any guidance which it has issued in relation to ring-fencing has been complied with by ring-fenced bodies.

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