[Part 1 General]

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In this Schedule—

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“functions”, in relation to the PRA, means functions conferred on the PRA by or under any provision of this Act (see section [2AB(3)] which affects the meaning of references to such functions).

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The PRA must maintain satisfactory arrangements for—

(a)     recording decisions made in the exercise of its functions, and

(b)     the safe-keeping of those records which it considers ought to be preserved.

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(1)     At least once a year the PRA must make a report to the [Chancellor of the Exchequer] on—

(a)     the discharge of its functions,

(b)     the extent to which, in its opinion, its objectives have been advanced,

[(ba)     how it has complied with section 2H(1),]

(c)     its consideration of the principles in section 3B . . .,

(d)     how it has complied with section 3D,

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