Section 10 of the Principal Act is amended -

(a) in subsection (1) by the insertion of the following paragraphs after paragraph (fa):

"(fb) to be the competent authority in the State for the purposes of the Directive of 2016,

(fc) for the purposes of paragraph (fb), to perform the functions of the competent authority in the State for the purposes of the Directive of 2016,", and

(b) by the insertion of the following subsection after subsection (1):

"(1A) Without prejudice to subsection (1), the Pensions Authority shall carry out the prudential supervision under Part IIA in order to protect the rights of members and beneficiaries, and ensure the stability and soundness, of schemes and trust RACs.".