22ADesignation of activities requiring prudential regulation by PRA

1

The Treasury may by order specify the regulated activities that are “PRA-regulated activities” for the purposes of this Act.

2

An order under subsection (1) may—

a

provide for exceptions;

b

confer powers on the Treasury or either regulator;

c

authorise the making of rules or other instruments by either regulator for purposes of, or connected with, any relevant provision;

d

make provision in respect of any information or document which in the opinion of the Treasury or either regulator is relevant for purposes of, or connected with, any relevant provision;

e

make such consequential, transitional, or supplemental provision as the Treasury consider appropriate for purposes of, or connected with, any relevant provision.

3

Provision made as a result of subsection (2)(e) may amend any primary or subordinate legislation, including any provision of, or made under, this Act.

4

“Relevant provision” means this section or any provision made under this section.

22BParliamentary control in relation to certain orders under section 22A

1

This section applies to the first order made under section 22A(1).

2

This section also applies to any subsequent order made under section 22A(1) which—

a

contains a statement by the Treasury that, in their opinion, the effect (or one of the effects) of the proposed order would be—

i

that an activity would become a PRA-regulated activity, or

ii

that a PRA-regulated activity would become a regulated activity that is not a PRA-regulated activity, or

b

amends primary legislation.

3

No order to which this section applies may be made unless—

a

a draft of the order has been laid before Parliament and approved by a resolution of each House, or

b

subsection (5) applies.

4

Subsection (5) applies if an order to which this section applies contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without a draft being so laid and approved.

5

Where this subsection applies the order—

a

must be laid before Parliament after being made, and

b

ceases to have effect at the end of the relevant period unless before the end of that period the order is approved by a resolution of each House of Parliament (but without that affecting anything done under the order or the power to make a new order).

6

The “relevant period” is a period of 28 days beginning with the day on which the order is made.

7

In calculating the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than 4 days.