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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2019 - onwards
  Version 2 of 2    

1. Objectives of Prudential Regulation Authority

(1) Section 2B of FSMA 2000 (the PRA's general objective) is amended as follows.

(2) In subsection (3) -

(a) at the end of paragraph (a), omit "and", and

(b) after paragraph (b) insert ", and

(c) discharging its general functions in relation to the matters mentioned in subsection (4A) in a way that seeks to -

(i) ensure that the business of ring-fenced bodies is carried on in a way that avoids any adverse effect on the continuity of the provision in the United Kingdom of core services,

(ii) ensure that the business of ring-fenced bodies is protected from risks (arising in the United Kingdom or elsewhere) that could adversely affect the continuity of the provision in the United Kingdom of core services, and

(iii) minimise the risk that the failure of a ring-fenced body or of a member of a ring-fenced body's group could affect the continuity of the provision in the United Kingdom of core services."

(3) In subsection (4), for "subsection (3)" substitute "subsection (3)(a) and (b)".

(4) Af

Comparing proposed amendment...