Financial Services and Markets Act 2023
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Change 1
26 Competitiveness and growth objective: reporting requirements
(1) Each regulator must make two reports to the Treasury on how it has complied with its duty to advance the competitiveness and growth objective. (2) The reports prepared by each regulator under subsection (1) must in particular explain— (a) the action taken by the regulator to ensure that the competitiveness and growth objective is embedded in its operations, processes and decision-making, and (b) how any rules and guidance that the regulator has made advance that objective. (3) The first report under this section must be made before the end of 12 months beginning with the first day on which section 25 of this Act comes into force, and must relate to that period. (4) The second report under this section must be made before the end of 24 months beginning with the first day on which section 25 of this Act comes into force, and must relate to the period beginning with the day on which the first report is published. (5) The Treasury must lay a copy of each report prepared under this section before Parliament. (6) Each regulator must publish its reports prepared under this section in such manner as it thinks fit. (7) In this section— (a) “regulator” means the FCA and the PRA; (b) references to the competitiveness and growth objective, and the duty to advance that objective, are— (i) in relation to the FCA, references to its objective in section 1EB of FSMA 2000 and to its duty to advance that objective under section 1B(4A) of that Act, and (ii) in relation to the PRA, references to its objective in section 2H(1B) of FSMA 2000 and to its duty to advance that objective under section 2H(1)(b) of that Act.
26 Competitiveness and growth objective: reporting requirements
(1) Each regulator must make two reports to the Treasury on how it has complied with its duty to advance the competitiveness and growth objective. (2) The reports prepared by each regulator under subsection (1) must in particular explain— (a) the action taken by the regulator to ensure that the competitiveness and growth objective is embedded in its operations, processes and decision-making, and (b) how any rules and guidance that the regulator has made advance that objective. (3) The first report under this section must be made before the end of 12 months beginning with the first day on which section 25 of this Act comes into force, and must relate to that period. (4) The second report under this section must be made before the end of 24 months beginning with the first day on which section 25 of this Act comes into force, and must relate to the period beginning with the day on which the first report is published. (5) The Treasury must lay a copy of each report prepared under this section before Parliament. (6) Each regulator must publish its reports prepared under this section in such manner as it thinks fit. (7) In this section— (a) “regulator” means the FCA and the PRA; (b) references to the competitiveness and growth objective, and the duty to advance that objective, are— (i) in relation to the FCA, references to its objective in section 1EB of FSMA 2000 and to its duty to advance that objective under section 1B(4A) of that Act, and (ii) in relation to the PRA, references to its objective in section 2H(1B) of FSMA 2000 and to its duty to advance that objective under section 2H(1)(b) of that Act.
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