(1) The Authority is to have the functions conferred on it by these Regulations.

(2) In discharging its function of determining the general policy and principles by reference to which it performs particular functions under these Regulations, the Authority must have regard to -

(a) the need to use its resources in the most efficient and economic way;

(b) the responsibilities of those who manage the affairs of electronic money issuers;

(c) the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction;

(ca) the desirability of sustainable growth in the economy of the United Kingdom in the medium or long term, including in a way consistent with contributing towards achieving compliance by the Secretary of State with -

(i) section 1 (target for 2050) of the Climate Change Act 2008 [2008 c. 27. Section 1 was amended by S.I. 2019/1056.], and

(d) the desirability of facilitating innovation in connection with the issuance of electronic money and the provision of payment services;