OpenLegislation

Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Order)

This Order amends or revokes references to the Bank of England in subordinate legislation in consequence of the Bank of England Act 1998 (“the Act”).

Part III of the Act transfers from the Bank of England to the Financial Services Authority banking supervision functions, functions relating to the listing of money market institutions and functions relating to the listing of persons providing settlement arrangements. By the Bank of England Act 1998 (Commencement) Order 1998 (S.I. 1998/1120 (C.25)), the Act comes into force on 1st June 1998.

The effect of this Order is that on and after 1st June 1998 references in subordinate legislation to the Bank of England in the context of the functions transferred by the Act are either replaced by references to the Financial Services Authority or, where appropriate, revoked.