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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 9: PRA review of proprietary trading

91.Section 9 requires the PRA to carry out a review of proprietary trading by banks and PRA-regulated investment firms (“relevant authorised persons”). On the completion of the review, the PRA must make a written report to the Treasury setting out their conclusions on proprietary trading, and in particular on whether any kinds of proprietary trading are likely to be especially risky to relevant authorised persons, whether the PRA’s powers are sufficient to deal with proprietary by relevant authorised persons (whether now or anticipated in the future), and on the effectiveness of any restrictions on proprietary trading imposed by other countries. The PRA’s report must be completed within 9 months of the beginning of the review, delivered to the Treasury, and laid before Parliament.

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