Section 3

The FCA is designated to carry out all the functions of a competent authority provided for in— the Act; the markets in financial instruments regulation; and rules made under section 137A (the FCA general rules) of the Act or any other subordinate legislation conferring functions on the FCA made under the Act. The PRA is designated to carry out any duty of a competent authority that relates to a PRA authorised person where the PRA has the function of carrying out that duty under— these Regulations; Parts 4A , 12 to 15, 22, and 25 of the Act ... ; or rules made under section 137G (the PRA's general rules) of the Act or any other subordinate legislation conferring functions on the PRA made under the Act. Where a PRA authorised person is obliged to keep records at the disposal of the competent authority under Article 25 (obligation to maintain records) of the markets in financial instruments regulation both the FCA and PRA are designated as the competent authority. The Bank of England is designated to carry out any duty of a competent authority that relates to a central counterparty (as defined by section 313(1) (interpretation of Part 18) of the Act) and is provided for in the following provisions of the markets in financial instruments regulation— Article 29 (clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing); Article 30 (indirect clearing arrangements); Article 35 (non-discriminatory access to a CCP); Article 36 (non-discriminatory access to a trading venue); Article 37 (non-discriminatory access to and obligation to licence benchmarks); and Article 54.2 (transitional provisions). In this regulation “PRA authorised person” has the meaning given by section 2B(5) (the PRA's general objective) of the Act.

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Source: legislation.gov.uk · retrieved 2026-09-04