Member

43: Clause 17, page 21, line 40, leave out paragraphs (a) and (b) and insert— “(a) in the heading, after “regard to” insert “proportionality”;(b) in subsection (2), for “the regulatory principles in section 3B” substitute “the proportionality regulatory principles (see section 3B(1A))”.”Member's explanatory statement This amendment would require the PRA to have regard to the proportionality regulatory principles (as defined in the amendment in the name of Lord Pitt-Watson to clause 17 at page 22, line 3) when discharging its general functions.