Consideration of Bill, as amended in the Public Bill Committee
New Clause 17
Reporting requirements
‘(1) FSMA 2000 is amended as follows.
(2) After paragraph 11 of Schedule 1ZA insert—
11A (1) The Treasury may (subject to this paragraph) at any time by direction require the FCA to publish a report containing information about—
(a) any of the matters mentioned in paragraphs (a) to (ia) of paragraph 11(1);
(a) the information is reasonably necessary for the purpose of reviewing and scrutinising the discharge of the FCA’s functions, and
(3) Subject to sub-paragraph (4), the FCA must publish a report prepared under a direction given under this paragraph in such manner, and within such period, as the direction may require.
(6) The Treasury must consult the FCA before giving a direction under this paragraph.
(7) In exercising the power under this paragraph, the Treasury must have regard to the desirability of minimising any adverse effect that the preparation of the report required in accordance with the direction may have on the exercise by the FCA of any of its other functions.
(9) A direction under this paragraph may be varied or revoked by the giving of a further direction.”
(3) After paragraph 21 of Schedule 1ZB insert—
21A (1) The Treasury may (subject to this paragraph) at any time by direction require the PRA to publish a report containing information about—
(a) any of the matters mentioned in paragraphs (a) to (f) of paragraph 19(1);
(b) such other matters that the direction may specify.
(a) the information is reasonably necessary for the purpose of reviewing and scrutinising the discharge of the PRA’s functions, and
(3) Subject to sub-paragraph (4), the PRA must publish a report prepared under a direction given under this paragraph in such manner, and within such period, as the direction may require.