3.—(1) The PRA and FCA must in the exercise of their functions as supervisory authorities under [F1the United Kingdom law which implemented the Solvency 2 Directive]—
F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)in times of exceptional movements in the financial markets take into account the potential pro-cyclical effects of their actions.
Textual Amendments
F1Words in reg. 3(1) substituted (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 8(2)(a) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))
F2Reg. 3(1)(a)(b) omitted (31.12.2020) by virtue of The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 8(2)(b) (as amended by S.I. 2020/1385, regs. 1(2), 54(2))