(1) Part 19 of FSMA 2000 (Lloyd's) is amended as follows.
(2) In section 314 (Authority's general duty) -
(a) for subsection (1) substitute -
"(1) So far as it is appropriate to do so for the purpose of advancing one or more of its operational objectives, the FCA must keep itself informed about -
(a) the way in which the Council supervises and regulates the market at Lloyd's, and
(b) the way in which regulated activities are being carried on in that market.
(1A) So far as it is appropriate to do so for the purpose of advancing its general objective or (if section 2C applies) its insurance objective, the PRA must keep itself informed about -
(a) the way in which the Council supervises and regulates the market at Lloyd's, and
(b) the way in which any PRA-regulated activities are being carried on in that market.",
(b) in subsection (2) -
(i) for "The Authority" substitute "Each regulator", and
(ii) in paragraph (b), for "section 315" substitute "provision made by or under this Act", and
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