(1) The PRA must carry out a review of proprietary trading engaged in (whether or not as a regulated activity) by relevant authorised persons, for the purpose of considering whether further restrictions on any kind of proprietary trading ought to be imposed.
(2) The review must begin before the end of the 12 months beginning with the first day on which section 142G of FSMA 2000 is fully in force.
(3) On completion of the review, the PRA must make a written report to the Treasury on -
(a) the extent to which relevant authorised persons engage in proprietary trading;
(b) whether proprietary trading engaged in by relevant authorised persons gives rise to any risks to their safety and soundness;
(c) whether any kinds of proprietary trading are particularly likely to give rise to such risks;
(d) anything done by the PRA to minimise risks to the safety and soundness of relevant authorised persons arising from proprietary trading engaged in by them;
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