Prudential regulation of credit institutions and investment firms The Basel III Standards General functions of the PRA and regulatory principles
The PRA is currently required to have regard to the regulatory principles in section 3B of FSMA when discharging its general functions. The general functions of the PRA are set out in section 2J(1) of FSMA and include making rules. The Act specifies new considerations the PRA must have regard to when making rules implementing the outstanding Basel standards.