Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
As published
130 Competition as a secondary objective of the PRA
(1) For section 2H of FSMA 2000 substitute—
Secondary competition objective and duty to have regard to regulatory principles
2H (1) When discharging its general functions in a way that advances its objectives (see section 2F), the PRA must so far as is reasonably possible act in a way which, as a secondary objective, facilitates effective competition in the markets for services provided by PRA-authorised persons in carrying on regulated activities.
(2) In discharging its general functions, the PRA must also have regard to the regulatory principles in section 3B.
(2) In section 3B (regulatory principles to be applied by both regulators), in subsection (1), for “2H(1)(a)” substitute “ 2H(2) ”.
(3) In Schedule 1ZB to FSMA 2000 (the Prudential Regulation Authority)—
(a) in paragraph 19 (annual report), in sub-paragraph (1)—
(i) after paragraph (b) insert—
(ba) how it has complied with section 2H(1),
, and
(ii) in paragraph (c), omit the words from “and of” onwards, and
(b) in paragraph 20 (consultation about annual report), in sub-paragraph (1)(c), for the words from “and the PRA” onwards substitute “ and the PRA has facilitated effective competition in accordance with section 2H and has considered the regulatory principles in section 3B ”.
Your change, as a redline
130 Competition as a secondary objective of the PRA
(1) For section 2H of FSMA 2000 substitute—
Secondary competition objective and duty to have regard to regulatory principles
2H (1) When discharging its general functions in a way that advances its objectives (see section 2F), the PRA must so far as is reasonably possible act in a way which, as a secondary objective, facilitates effective competition in the markets for services provided by PRA-authorised persons in carrying on regulated activities.
(2) In discharging its general functions, the PRA must also have regard to the regulatory principles in section 3B.
(2) In section 3B (regulatory principles to be applied by both regulators), in subsection (1), for “2H(1)(a)” substitute “ 2H(2) ”.
(3) In Schedule 1ZB to FSMA 2000 (the Prudential Regulation Authority)—
(a) in paragraph 19 (annual report), in sub-paragraph (1)—
(i) after paragraph (b) insert—
(ba) how it has complied with section 2H(1),
, and
(ii) in paragraph (c), omit the words from “and of” onwards, and
(b) in paragraph 20 (consultation about annual report), in sub-paragraph (1)(c), for the words from “and the PRA” onwards substitute “ and the PRA has facilitated effective competition in accordance with section 2H and has considered the regulatory principles in section 3B ”.
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