Section 206Z3 Requirement to provide informationF1

(1)

The Bank of England may by notice in writing require a person to provide information—

(a)

which the Bank thinks will help the Treasury in determining whether to make a wholesale cash oversight order, or

(b)

which the Bank otherwise requires in connection with its functions under this Part.

(2)

The Bank of England may by notice in writing require a person who performs a relevant function in relation to wholesale cash distribution activity to provide information which the Bank requires in connection with the exercise of its functions (whether under this Part or otherwise) in pursuance of—

(a)

the purpose mentioned in section 206C (2), or

(b)

the Bank’s Financial Stability Objective (see section 2A of the Bank of England Act 1998).

(3)

In particular, a notice under subsection (1) or (2) may require the person to notify the Bank if events of a specified kind occur.

(4)

A notice under subsection (1) or (2) may require information to be provided—

(a)

in a specified form or manner;

(b)

at, or by, a specified time;

(c)

in respect of a specified period.

(5)

It is an offence—

(a)

to fail without reasonable excuse to comply with a requirement under this section;

(b)

knowingly or recklessly to give false information in pursuance of this section.

(6)

A person who commits an offence under this section is liable—

(a)

on summary conviction in England and Wales, to a fine;

(b)

on summary conviction in Scotland, to a fine not exceeding the statutory maximum;

(c)

on summary conviction in Northern Ireland, to a fine not exceeding the statutory maximum;

(d)

on conviction on indictment, to a fine.

(7)

In this section, “specified” means specified in the notice.

Annotations

Textual amendments

F1: Pt. 5A inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(2)(d), Sch. 9 para. 1