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Section 3F Oversight functions: further provisionsF12F1

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The documents to which the F2court of directors is to have access in the discharge of its F3oversight functions include documents considered, or to be considered, by the Financial Policy Committee F4, the Monetary Policy Committee or the Prudential Regulation Committee .

(2)

One or two members of the F5court of directors may attend any meeting of the Financial Policy Committee F6, the Monetary Policy Committee or the Prudential Regulation Committee for the purposes of exercising its oversight functions , but a person attending by virtue of this subsection may not speak unless invited to do so by the person chairing the meeting.

(F72A)

But a member of the court of directors who has any direct or indirect interest (including any reasonably likely future interest) in any dealing or business which falls to be considered by the Prudential Regulation Committee may not, under the powers conferred by this section—

(a)

obtain access to any documents relating to the dealing or business, or

(b)

attend any proceedings of the Prudential Regulation Committee relating to any question arising from its consideration of the dealing or business.

(3)

Subsection (2) does not affect—

(a)

anything done in relation to the Financial Policy Committee F8, the Monetary Policy Committee or the Prudential Regulation Committee by a member of that Committee who is also a member of the F9court of directors,

(b)

the powers of the Financial Policy Committee under paragraph 13 of Schedule 2A, F10...

(c)

the powers of the Monetary Policy Committee under paragraph 13A of Schedule 3F11, or

(d)

the powers of the Prudential Regulation Committee under paragraph 15(2) of Schedule 6A.

Annotations

Textual amendments

F1

Ss. 3A-3F substituted for s. 3 (1.4.2013) by Financial Services Act 2012 (c. 21) , ss. 3(2) , 122(3) (with Sch. 20 ); S.I. 2013/423 , art. 3 ,

F2

Words in s. 3F(1) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 8(2)(a) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(c)

F3

Word in s. 3F(1) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 8(2)(b) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(c)

F4

Words in s. 3F(1) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 8(2)(c) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F5

Words in s. 3F(2) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 8(3)(a) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(c)

F6

Words in s. 3F(2) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 8(3)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F7

S. 3F(2A) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 8(4) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F8

Words in s. 3F(3)(a) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 8(5)(a)(i) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F9

Words in s. 3F(3)(a) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 8(5)(a)(ii) (with Sch. 3 ); S.I. 2016/627 , reg. 2(2)(c)

F10

Word in s. 3F(3)(b) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 8(5)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F11

S. 3F(3)(d) inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 8(5)(c) (with Sch. 3); S.I. 2017/43, reg. 2(g)

F12

Word in s. 3F heading substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14) , s. 41(3) , Sch. 2 para. 8(6) (with Sch. 3); S.I. 2016/627, reg. 2(2)(c)