(1) The FCA is designated to carry out all the functions of a competent authority provided for in -
(b) the markets in financial instruments regulation; and
(c) rules made under section 137A (the FCA general rules) of the Act or any other subordinate legislation conferring functions on the FCA made under the Act.
(2) The PRA is designated to carry out any duty of a competent authority that relates to a PRA authorised person where the PRA has the function of carrying out that duty under -
(a) these Regulations;
(b) Parts 4A [Part 4A was inserted by section 11(2) of the Financial Services Act 2012.], 12 to 15, 22, and 25 of the Act; or
(c) rules made under section 137G [Section 137G was inserted by section 24(1) of the Financial Services Act 2012.] (the PRA's general rules) of the Act or any other subordinate legislation conferring functions on the PRA made under the Act.
(3) Where a PRA authorised person is obliged to keep records at the disposal of the competent authority
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