Treasury has published an indicative draft of amendments to the Threshold Conditions for authorisation under the Financial Services and Markets Act 2000 (FSMA), which will be made under delegated powers in the FS Bill. The changes will not be subject to consultation and be laid before Parliament until later this year. The changes clarify which threshold conditions will be relevant to the discharge of the FCA and Prudential Regulation Authority (PRA) functions. This will depend on whether the firm is regulated by both of them or just by the FCA, with different arrangements for firms carrying out insurance business. (Source: Draft FSMA (Threshold Conditions) Order 2013)