2.1 It is crucial that all regulated parties are incentivised to comply fully with our directions if our strategic [The PSR Strategy] and statutory [Financial Services (Banking Reform) Act 2013 (c. 33)] objectives are to be met. We therefore expect that it will be appropriate to grant extensions or exemptions only in limited circumstances, where doing so allows us to ensure the delivery of our general duties and regulatory principles (sections 49 and 53 of FSBRA), and bearing in mind our duty to ensure coordination with other regulators (as per section 98 of FSBRA). [This includes: - in relation to the Bank of England, its Financial Stability Objective under section 2A of the Bank of England Act 1998: - in relation to the FCA, its strategic objective and operational objectives under section 1B of the Financial Services and Markets Act (FSMA) 2000: - in relation to the Prudential Regulation Authority (PRA), its general objective under section 2B of that Act]
2.2 When deciding whether t
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