Member

78: Clause 17, page 21, line 34, leave out subsections (2) to (11) and insert— “(2) In section 3B (regulatory principles to be applied by both regulators), in subsection (1), at the end insert—“(i) the need to consider—(i) the interconnections between private credit vehicles and PRA-authorised banks, insurance companies and pension fund, and(ii) the limitations of the FCA’s regulatory perimeter in managing the interconnection between private credit vehicles and non-regulated financial organisations.””Member’s explanatory statement This probing amendment would replace the removal of the regulatory-principles duties in Clause 17 with a new “have regard” to risks to financial stability arising from the interconnection of private credit markets with banks, insurers and pension funds, as well as with non-regulated institutions.