Prudential Regulation Authority—powers
Produced in partnership with Speechly Bircham
Practice notesPrudential Regulation Authority—powers
Produced in partnership with Speechly Bircham
Practice notes
brexit: 11pm (GMT) on 31 December 2020 (‘ip completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.
The PRA's powers
The Financial Services Act 2012 (FSA 2012) received Royal Assent on 19 December 2012. Predominantly in force from 1 April 2013, it reformed the regulatory system in the UK so that the Bank resumed elements of its regulatory and oversight roles in relation to prudential and capital requirements for deposit-takers, larger, systemically important financial services firms and insurance bodies. The Bank delivered micro prudential supervision and regulation through its then subsidiary organisation, the Prudential Regulation authority (PRA), and one of its committees, the Financial Policy Committee (FPC), which was tasked with delivering on macro-prudential obligations. However, from 1 March 2017, the PRA commenced acting
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Authority definition
What does Authority mean?
The public sector body procuring the project. This might, for example, be a local authority, an NHS trust, a central Government Department or a Non-Departmental Public Body.
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