Section 83Z1 Delegation of enforcement functionsF1

United Kingdom

(1)

The Bank of England may, by agreement made with the F2FCA, delegate to F3the FCA its enforcement functions, subject to such restrictions and conditions, and for such period, as may be specified in the agreement.

(2)

For the purposes of this section—

(a)

“enforcement functions” of the Bank of England are its functions under, or by virtue of—

(i)

section 83ZD;

(ii)

section 83ZF;

(iii)

section 83ZJ;

(iv)

section 83ZL;

(v)

section 83ZO;

(vi)

sections 83ZQ to 83ZZ;

F4(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

The Bank of England must make provision for the reimbursement of any expenses incurred by the F5FCA in the performance, in accordance with the terms of any agreement, of any functions delegated under this section.

Annotations

Textual amendments

F1: Pt. 1 Ch. 4 inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 97
F2: Word in s. 83Z1(1) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 54(2)(a) (with Sch. 3); S.I. 2017/43, reg. 2(g)
F3: Words in s. 83Z1(1) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 54(2)(b) (with Sch. 3); S.I. 2017/43, reg. 2(g)
F4: S. 83Z1(2)(b) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 54(3) (with Sch. 3); S.I. 2017/43, reg. 2(g)
F5: Word in s. 83Z1(3) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 54(4) (with Sch. 3); S.I. 2017/43, reg. 2(g)

Notes on Part 1

Modifications

C1: Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C2: Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2